Talon Metals (TSX: TLO; US-OTC: TLOFF ) has raised $4 million in a non-brokered private placement of more than 40 million common shares at a price of 10¢ a share.
The funds will be used to advance its Tamarack nickel-copper-cobalt project in north-central Minnesota, about 89 km west of Duluth and 210 km north of Minneapolis.
Resource Capital Funds participated in the offering, purchasing 21.13 million shares, or just over half of the financing, bringing its stake in the company to 48.7%.
“Amidst the current macroeconomic environment, and the fact that we’re base metals and not precious metals, to get financing in and of itself says a lot about the quality of the project,” Sean Werger, Talon Metals’ president, said in an interview.
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