In late 2015, Toronto Stock Exchange-listed junior developer Talon Metals announced it will use the US$15 million it received from Resource Capital Funds to earn an 18.45% interest in Rio Tinto Group subsidiary Kennecott’s high grade Tamarack Nickel-Copper-PGE Project, located west of Duluth, Minnesota, USA.
Talon CEO Henri van Rooyen said that the entire US$15 million will be used by Kennecott to advance the Tamarack Project, with planning already underway for the next phase of exploration. Talon’s technical team works collaboratively with the Kennecott team in planning programs and interpreting drill results, utilizing cutting-edge geoscience to drive decision-making.
“We are now one of the few junior exploration companies that is fully funded with the ability to progress exploration on an expedited basis” said Mr. van Rooyen.
RCF’s funding includes US$1 million by way of a private placement for Talon common shares at a subscription price of C$0.12 per common share, and US$14 million via an unsecured convertible loan at a conversion price of C$0.156 per common share.
RCF Managing Director, Canada, David Thomas said that the firm was pleased to support Talon in achieving its strategic goal of obtaining an interest in the Tamarack Project.
“RCF considers all opportunities, ranging from early-stage exploration projects to producing assets and in this instance we’re assisting Talon in obtaining meaningful ownership in an exciting project in partnership with a major mining company” said Mr Thomas.
In a separate release announcing Talon’s shareholder approval for the RCF financing, Mr van Rooyen stated that its completion was a major milestone for the company.
Please visit the Talon Metals website for more information and to read the full company release.