PERTH (miningweekly.com) – Metals developer Talisman Mining has raised A$8-million through a share placement to progress its Western Australia copper/gold and nickel projects.
The miner announced on Friday that it had placed about 17-million shares, at 47c each, to raise the capital.
MD Gary Lethridge noted that the placement was exceptionally well supported by existing and new shareholders, despite the volatile and challenging global equity market conditions.
“The funds raised will provide support for any potential future requirements for Talisman to contribute to joint venture funding at our Doolgunna copper/gold joint venture with Sandfire Resources, including the recent high-grade Monty discovery, to progress our growth strategy at the Sinclair nickel project, and for working capital.”
The Sinclair project was acquired from Glencore in October last year, in a deal valued at A$10-million.
Following the placement, Talisman had about 148.6-million shares on issue and a cash reserve of A$11.8-million. The placement was undertaken under the company’s current capacity, and as such, did not require shareholder approval.