RCF Provides Talon Metals US$15 million to Further Tamarak Project

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.

Bannerman Resources Shareholders Approve Company Restructure

Bannerman Resources Limited recently announced the acquisition of full ownership of its uranium asset, Etango, in Namibia, and a debt free balance sheet.

The resolutions, which were all endorsed by shareholders at the company’s Annual General Meeting in December 2015, included a transaction with Resource Capital Funds to raise A$3 million through an equity placement and to convert A$12 million of debt into equity and a 1.5 per cent royalty over the Etango project. Following the transaction, RCF now holds 38.3% per cent ownership of Bannerman Resources.

In addition to the transaction, further resolutions passed included a share acquisition by Bannerman Resources to obtain 100% Etango ownership and performance rights issued to Chief Executive Officer Len Jubber.

Bannerman Resources Chairman, Ronnie Beevor, in his address to shareholders said that the transactions with RCF deliver a debt free balance sheet with new funds that allow Etango to be taken to the next stage.

“Importantly, Bannerman has now established a sound project platform for extensive engagement with the global nuclear industry,” said Mr Beevor.

RCF Principal, Chris Corbett, said that RCF was pleased to engage with Bannerman Resources and support the company through to its next stages of development.

“RCF partners with portfolio companies to build strong, successful and sustainable businesses that strive to produce superior returns to all stakeholders and we’re pleased to be engaged with Bannerman Resources to help to achieve the strategic goals of the company,” said Mr Corbett.

RCF employs a range of investment styles and works with management teams to structure transactions that reflect the risks and opportunities associated with each company.

To read the full results of meeting and Chairman’s address from Bannerman Resources please visit their website.