Talisman Mining Limited (ASX: TLM)
TALISMAN RAISES $5.2 MILLION THROUGH
OVERSUBSCRIBED SHARE PLACEMENT
Talisman Mining Limited (ASX: TLM Talisman), is pleased to advise that it has commitments and undertakings to
raise a total of approximately $5.2 million (before issue
costs) via a private placement to sophisticated investors.
The placement will be completed in two
tranches totalling in excess of 17.5 million ordinary
shares at 30 cents each. The funds raised will be used to strengthen Talisman’s
working
capital position and underpin its growth strategy.
The first tranche of just over 11.3
million ordinary shares is within the limit set out in the ASX Listing Rules
and will be issued next week under the Company’s 15% placement capacity
once cleared funds are received. The issue of the second tranche comprising
approximately 6.2 million ordinary shares will require shareholder approval at
a meeting anticipated to be held
before the end of July. The placement shares will rank pari
passu with the Company’s existing ordinary
shares.
The share placement has been strongly
supported by existing shareholders, Directors and new investors including
existing major shareholder, Mr Kerry Harmanis, the former Executive
Chairman
of Jubilee Mines NL.
Following allotment of the shares under
the placement, Talisman will have approximately 93.0 million ordinary shares on
issue. Following completion of the first tranche (approximately $3.4
million before costs), the Company will have cash reserves of approximately
$6.9 million.
Talisman is led by key members of the
former Jubilee Mines management team and has recently outlined a strategy to
build a premier Australian resource company through a
combination of exploration and organic growth opportunities combined with a
disciplined approach to acquisition and investment opportunities.
Talisman’s Managing Director, Mr Gary Lethridge, said he was
delighted with the strong response to the share placement and thanked both
existing and new investors for their
support.
The funds will further strengthen our financial
position and enable us both to assess and progress our existing assets, and to
target new opportunities with the potential to underpin our
growth strategy, he said.
Talisman recently secured the services of two highly
experienced mining executives and former members of the outstandingly
successful Jubilee Mines NL executive team, Mr Peter
Langworthy
(formerly Jubilee’s Executive General Manager Exploration) and Mr Brian Dawes (formerly Jubilee’s Executive General
Manager Operations).
- ENDS -
For further
information, please contact:
Gary Lethridge Managing Director on: +61 8 9380
4230
For media
inquiries, please contact:
Nicholas Read Read
Corporate on +61 419 929 046