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Talon Metals raises C$11.1M for Tamarack nickel project

Talon Metals Corp. said Aug. 29 that it raised about C$11.1 million from an offering of 65,222,300 common shares at 17 Canadian cents apiece, including a partial exercise of the underwriters' over-allotment option.

It will use the funds to advance work related to the company's planned exploration and development program at the Tamarack North nickel project in Minnesota and for general working capital purposes.

Talon Metals' largest shareholder Resource Capital Fund VI LP acquired 11,764,800 shares in the offering, bringing its total holdings to 238,960,954, equivalent to a 48.3% stake.

The offering was underwritten by a syndicate co-led by Paradigm Capital Inc. and Canaccord Genuity Corp. and includes Leede Jones Gable Inc.