Monthly Archives: May 2019

Talon Metals reported financial results for three months ended March 31, 2019

Talon Metals Corp. announced financial results for the quarter ended March 31, 2019. For these three months, the BVI corporation reported net loss of US$2.8mln or US$0.01 per share, compared to a net loss of US$2.0mln or US$0.02 per share for the quarter ended March 31, 2018. The year-over-year increase in net loss was mainly the result of a loss on the fair value revaluation of the Resource Capital Fund VI L.P. unsecured convertible loan, administration expenses and stock option compensation.

For the three months ended March 31, 2019, capitalized exploration costs and deferred expenditures on the Tamarack Nickel-Copper-Cobalt Project amounted to US$12.0mln before a recovery of US$4.8mln – compared to US$0.2mln for the three months ended March 31, 2018. The total net capitalized exploration cost on the project was US$47.2mln as at March 31, 2019.

Talon Metals announced closing of non-brokered Private Placement

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.