20/12/2007 - 10:08

Talisman MD makes $4m instant paper profit, $1m cash

20/12/2007 - 10:08

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Talisman Mining Ltd managing director Steven Elliott has made an instant paper profit of $4 million today after exercising 4.9 million options at $0.25, while realising $1 million cash through the off-market sale of 2.7 million shares at $0.67.

Talisman Mining Ltd managing director Steven Elliott has made an instant paper profit of $4 million today after exercising 4.9 million options at $0.25, while realising $1 million cash through the off-market sale of 2.7 million shares at $0.67.

Talisman's share price was at $1.07 when Mr Elliott exercised his options in the gold and base metals explorer.

He then sold 27 per cent of his 10 million shares stake in the company off-market, realising over $1 million cash.

The transaction follows last week's announcement that Jubilee Mines Ltd executive chairman Kerry Harmanis will acquire a stake in the company.

West Perth-based Talisman also announced a $9 million capital raising last week via the placement of nine million shares at $1.00 each, which it intends to use primarily for resource drilling and development of its 100 per cent owned Wonmunna iron ore project in the Pilbara.

Mr Harmanis will invest $2 million in the placement through his company Tyche Holdings Pty Ltd, and buy about $3 million worth of shares from Talisman managing director Steve Elliott, giving Mr Harmanis a significant stake in the company.

Mr Elliott will use the derived funds to exercise a minimum four million unlisted Talisman options.

It was anticipated that the raising will be complete by today.

 

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