BVI-registered Talon Metals Corp. announced the completion of a non-brokered private placement of 20,235,000 common shares at a price of US$0.0868 per common share for aggregate gross proceeds of US$1.75mln. Finder’s fee of 6% cash and 6% warrants are payable in connection with certain orders under the private placement, each warrant is exercisable to acquire one common share for a period of 36 months following the closing date at an exercise price of US$0.116 per common share.
The net proceeds from the private placement will be used by Talon Metals for ongoing test work in advance of the exploration program. The private placement is subject to the final approval of the TSX.
Also, the BVI corporation continued to progress discussions with battery and vehicle manufacturers, to optimize the value chain for nickel, from the mine to the battery.