Talisman raises $9m in placement
Talisman Mining Ltd is in the process of completing a $9 million capital raising via placement to sophisticated investors of nine million new fully paid shares at $1.00.According to the company, response to this raising has been excellent and it is anticipated that the raising will be complete by December 20, 2007.The monies raised will be used primarily for resource drilling and development of the company’s 100% owned Wonmunna iron ore project, Pilbara region, Western Australia. Initial wide-spaced reconnaissance drilling completed by the company has produced near-surface drill intercepts to 20m at 61.41% iron in mineralised Marra Mamba Iron Formation.Two million of the shares are to be placed with Tyche Holdings Pty Ltd, a company associated with well known mining identity and Jubilee Mines NL Executive Chairman Kerry Harmanis. Agreement has also been reached for an additional three million shares to be sold to Tyche and associates by Steven Elliott, Managing Director of Talisman Mining. Mr Elliott will use the derived funds to exercise a minimum 4 million unlisted options in the company. These transactions, together with shares already held, will on completion of the placement give Tyche a 7.1% holding in the company.
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