RE: Talon Metals is dead in the water, come October 2012 those underlying common share purchase warrants are going to expire worthless, and yes it was blessing for company to be able to raise $28.7M dollars in light of current Market meltdown!
Road Town, Tortola, British Virgin Islands (April 29, 2011) – Talon Metals Corp. (“Talon” or the “Company”) (TSX: TLO) is pleased to announce that it has completed its previously announced bought deal prospectus offering of 9,804,000 units (each a “Unit”) at a price of $2.55 per unit for gross proceeds of $25,000,200 (the “Offering”). The Offering was led by Dundee Securities Ltd. and Salman Partners Inc., and included Haywood Securities Inc. and Raymond James Ltd. (the "Underwriters"). The Underwriters exercised their full over-allotment option to acquire 1,470,600 additional Units for additional gross proceeds of $3,750,030. In total, 11,274,600 Units were sold for gross proceeds of $28,750,230.
“With the completion of this financing, we are well funded to undertake a substantial exploration program at our flagship project, the Trairão Iron Project in Brazil,” said Mr. Stuart Comline, President and CEO of Talon Metals. (since departed) and replaced on February 9th, 2012 by Mr. Henri Van Rooyen
Each Unit consists of one common share in the capital of Talon (each, a “Common Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Subject to acceleration of the expiry time in certain circumstances, each Warrant will entitle the holder thereof to purchase one Common Share at a price of $3.10 at any time up to 5:00 p.m. (Toronto time) on October 29, 2012.