Talisman to raise $1.2m for exploration

Osborne Park-based precious and base metals explorer Talisman Mining Ltd has annouced plans to raise $1.2 million through a share and options offer for its exploration programs.

The company will issue 7 million shares at 16c each to raise $1.1 million, with a further $134,362 to be raised through a 1c options offer issued to shareholders on a 1 for 3 basis.

Talisman will also issue 1 million shares and pay $40,000 to Frank Richardson for its acquisition of the North Tillbar nickel tenement. Mr Richardson will also receive a 1 per cent royalty on the nickel extracted from the site.

Stantons International will serve as Auditor to the deal, with RM Capital being lead manager to the offer.

The offer opened on October 18, with the first tranche closing October 23. A second tranche of the placement offer will close on December 1.