Talon Metals Corp (TSE:TLO) announced Thursday it had raised just over C$5.1 million through a best efforts public offering designed to advance exploration work at its Tamarack nickel project in Minnesota.
The junior company issued 19,821,600 shares priced at C$0.26 per share for aggregate proceeds of $5,153,616, which includes 590,800 shares issued pursuant to the partial exercise of the agent's over-allotment option, it said in a statement.
Talon is focused on producing nickel responsibly for the electric vehicles industry. Its high-grade Tamarack nickel-copper-cobalt project is located in Minnesota, which comprises the Tamarack North project and the Tamarack South project.
READ: Talon Metals says its Tamarack nickel project could become a strategic source of US supply for the electric vehicle battery market
The offering was led by Paradigm Capital Inc. as sole agent and conducted in each of the provinces of Canada, except Québec, under a prospectus supplement to the corporation's base shelf prospectus dated March 26, 2020.
Shares of Talon rose 4.1% on Thursday morning in Toronto at nearly C$0.26.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas