08:17 AM EDT, 06/09/2025 (MT Newswires) -- Talon Metals ( TLOFF ) on Monday said it signed an agreement with Canaccord Genuity to act as lead underwriter and sole-bookrunner, on behalf of a syndicate of underwriters to be formed, in connection with a "bought deal" private placement.

The offering will include around 45.4 million units (LIFE units) at $0.22 each for gross proceeds of roughly $10 million.

The company said it also granted the underwriters an option, exercisable in whole or in part up to 48 hours prior to the closing of the LIFE offering, to buy an additional roughly 6.8 million LIFE units at the offering price for additional gross proceeds of up to around $1.5 million.

Along with the LIFE offering, the company said it intends to complete a non-brokered private placement of up to about 62.2 million units of the company (Non-LIFE units) at the offering price per non-LIFE unit for aggregate gross proceeds of up to approximately $13.6 million. The non-LIFE offering will be issued on the same terms as the LIFE units and will be completed with certain directors, officers and affiliates of Pallinghurst Nickel International Ltd, added the company.

Each unit will be made up of one common share and one-half of one common share purchase warrant of the company. Each warrant will allow the holder to buy one common share at a price of $0.28 each for a period of 36 months from the closing of the LIFE offering or non-LIFE offering, as applicable. The warrants are subject to an acceleration clause.

The offerings are expected to close on or about June 19, with net proceeds slated to advance the Tamarack Nickel Project and for general and administrative expenses and working capital purposes.

A company statement noted that the closing of the LIFE offering is not conditional upon closing of the non-LIFE offering, and the closing of the non-LIFE offering is likewise not conditional upon closing of the LIFE offering.