Talisker Resources (TSK-Cse) PP Financing of $4.1 Million, Closes First Tranche of $3.5 Million
Aug 29, '19 - NR
Talisker Resources is pleased to announce that it has received commitments for its previously announced "best efforts" private placement financing of $4,159,098, and the Company has closed the brokered portion of the private placement pursuant to which it has issued an aggregate of 9,642,771 common shares (the "Common Shares") at an issue price of C$0.14 per Common Share, 8,176,250 flow-through shares (the "FT Shares") at an issue price of C$0.16 per FT Share, and 4,071,000 charity flow-through shares (the "Charity FT Shares") at an issue price of C$0.21 per Charity FT Share, such FT Shares and Charity FT Shares to qualify as "flow-through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)), for aggregate gross proceeds to the Company of C$3,513,097 (the "Brokered Offering"). The Company expects to close the final tranche of the private placement on or about September 3, 2019.
Haywood Securities Inc. and PI Financial Corp. (together, the "Agents") acted as co-lead agents and joint bookrunners in connection with the Brokered Offering.
The gross proceeds from the sale of FT Shares and Charity FT Shares will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's projects in Canada. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares and Charity FT Shares effective December 31, 2019. The net proceeds from the sale of Common Shares will be used by the Company for working capital and general corporate purposes.
The securities issued under the Brokered Offering are subject to a four month hold period from the date of issue in accordance with applicable securities laws, expiring on December 30, 2019. In consideration for their services, the Company has paid the Agents a cash commission equal to 6.0% of the gross proceeds from the Offering (except in respect of gross proceeds under a president's list, for which no fees were payable), and issued to the Agents an aggregate of 518, 566 non-transferable warrants ("Compensation Warrants"). The Compensation Warrants will be exercisable into common shares of the Company at a price per Compensation Warrant of C$0.14 for a period of 24 months from the closing of the Offering.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Talisker Resources Ltd.
Talisker Resources Ltd. is a junior resource company involved in the exploration and development of projects in British Columbia, Canada. Talisker's projects consist of several early to advanced stage projects encompassing 263,770 hectares over 253 claims and three leases. In south central BC, the Spences Bridge Regional Program, a 230,221 hectare land package comprises the Company's Spences Bridge, Blustry Mountain, Lola and Remington properties, that together cover ~85% of the emerging Spences Bridge Gold Belt as well as the Tulox Property and the WCGC Properties. The Toodoggone projects located in the prolific Golden Triangle include the past producing Baker Gold/Silver Project, the Shasta Mine and Baker mill infrastructure and equipment, the Chappelle (Baker and Multinational Mines) Property, the Mets Lease and the Bot Property.
For further information please contact Terry Harbort, Chief Executive Officer of Talisker at terry.harbort@taliskerresources.com.
Related Links
taliskerresources.com |
