Talon Petroleum Limited has announced that, it has entered into a mandate agreement with Chieftain Securities Pty Ltd (“Chieftain”) to undertake a capital raising of up to $1.9 million to fund the ongoing activities and growth of the Company. Details of the capital raising are as follows:
- Capital injection of up to $1.9 million via the placement of up to 633,333,333 shares at an issue price of $0.003 per share
- The issue of 90 million incentive options with an exercise price of $0.005 per option and an expiry of 31 December 2020
- Current Director, Troy Harry, to participate in the capital raising in an amount of $300,000, subject to shareholder approval
- Issue of securities under the capital raising to be subject to shareholder approval at a shareholders’ meeting to be held in late November.
Proceeds from the capital raising will be used to:
- Retire debt of $300,000 owed to current Director, Troy Harry
- Undertake a technical and strategic review of the Talon’s MR Olmos project, located onshore Texas, to optimise the value of the project
- Review the position relating to the Lessor dispute in relation to specific leases within the MR Olmos Project
- Fund Talon’s search for new strategic and growth assets to deliver material shareholder value.
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