New Talisman Gold Mines Limited (“the Company”) is pleased to announce the results of the 1 for 2 renounceable rights issue announced on 30 April 2014.
Up to 282,941,751 ordinary shares were offered at an issue price of NZ or AU $0.008 per share to enable shareholders to participate in the Talisman Mine establishment.
The Company received acceptances for a total of 78,722,716 new shares, raising $634,069 before expenses.
There is a consequential short fall under the rights issue of 204,219,035 new shares.
The allotment of new shares under the offer is scheduled for Friday 13 June 2014.
The shortfall shares can be placed at the discretion of the Board no later than 3 months after the closing date of the offer which is 6 September 2014.
Chief Executive Officer, Matthew Hill said “The Board was committed to offering existing eligible holders the opportunity to participate in the mines development at the generous discount provided, rather than fund via external sources. The amount was raised in very difficult market conditions demonstrating tremendous support by our NZ shareholders who were by far the highest participants.
The result is one of the most successful rights issues of an Australian and New Zealand junior mining company over the last 18 months and demonstrates the market confidence in the company.
Having given shareholders the opportunity to participate we can now look at further opportunities to complete the funding objectives of the company. We remain on target for the first production out of Talisman by the end of Q4 2014.”