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Talisker Announces Private Placement of up to C$3.5 Million

Press Release

TORONTO, Oct. 18, 2023 – Talisker Resources Ltd. (“ Talisker ” or the “ Company ”) (TSX: TSK, OTCQX: TSKFF) is pleased to announce a non-brokered private placement (the “ Offering ”) for aggregate gross proceeds of up to C$3,500,000 from the sale of common share units of the Company (each, a “ Unit ”) at a price of C$0.30 per Unit and flow-through units of the Company (each, a “ FT Unit ”, and together with the Units, the “ Offered Securities ”) at a price of C$0.35 per FT Unit.

Each Unit will consist of one common share of the Company (each, a “ Common Share ”) and one half of one common share purchase warrant (each whole warrant, a “ Warrant ”). Each FT Unit will consist of one Common Share to be issued as a “flow-through share” (each, a “ FT Share ”) within the meaning of the Income Tax Act (Canada) (the “ Tax Act ”) and one half of one Warrant. Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.50 for a period of 24 months following the issue date.

The Company intends to use the proceeds of the Offering for the exploration on the Company’s projects in British Colombia as well as for general working capital purposes. The gross proceeds from the issuance of the FT Shares will be used to incur resource exploration expenses which will constitute “Canadian exploration expenses” as defined in subsection 66.1(6) of the Tax Act and “flow-through mining expenditures” as defined in subsection 127(9) of the Tax Act (the “ Qualifying Expenditures ”), which will be renounced with an effective date no later than December 31, 2023 to the purchasers of the FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares.

In connection with the Offering, the Company anticipates paying finder’s fees of 6% cash and 6% finder’s warrants in accordance with the policies of the TSX. The securities issued under the Offering will be subject to a hold period ending on the date that is four months plus one day following the date of issue in accordance with applicable securities laws. The closing of the Offering is subject to receipt of all necessary regulatory approvals including the Toronto Stock Exchange (the “ TSX ”).

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “ U.S. Securities Act ”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

For further information, please contact:

Terry Harbort
President and CEO

+1 416 357 0227

Matt Filgate
Vice President, Corporate Development

+1 778 679 3579

About Talisker Resources Ltd.

Talisker (taliskerresources.com) is a junior resource company involved in the exploration and development of gold projects in British Columbia, Canada. Talisker’s flagship asset is the high-grade, fully permitted Bralorne Gold Project where the Company is currently transitioning into underground production at the Mustang Mine. Talisker projects also include the Ladner Gold Project, an advanced stage project with significant exploration potential from an historical high-grade producing gold mine and the Spences Bridge Project where the Company holds ~85% of the emerging Spences Bridge Gold Belt, and several other early-stage Greenfields projects.

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