Talisker Resources Ltd. (CSE:TSK) (OTCQB:TSKFF) is pleased to announce that it has closed the bought deal private placement initially announced on January 7, 2020 for total gross proceeds of approximately $13.1 million. In connection with the Offering, the Company issued an aggregate of 15,333,320 common shares and 16,161,600 charity flow-through common shares of the Company, which Charity FT Shares will qualify as “flow-through shares” within the meaning of the Income Tax Act (Canada), at a price of $0.33 per Share and $0.495 per Charity FT Share.
The gross proceeds from the sale of Charity FT Shares will be used by the Company to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures” as such terms are defined in the Income Tax Act (Canada) related to the Company’s projects in Canada. All Qualifying Expenditures will be renounced in favour of the subscribers of the Charity FT Shares effective December 31, 2020. The net proceeds from the sale of the Shares will be used by the Company for working capital and general corporate purposes.
PI Financial Corp. led a syndicate of underwriters, which included Eight Capital, Sprott Capital Partners and Haywood Securities Inc. in the Offering. In connection with the Offering, the Company paid the Underwriters a cash commission of 5.0% of the gross proceeds of the Offering (other than in respect of certain “president’s list” purchasers on which a cash commission equal to 4.0% was paid) and issued to the Underwriters compensation warrants equal to 2.0% of the aggregate number of Shares and Charity FT Shares sold pursuant to the Offering (other than in respect of certain “president’s list” purchasers on which Compensation Warrants equal to 1.0% of such sales were issued). Each Compensation Warrant is exercisable to acquire one common share of the Company at the Offering Price until February 4, 2022.
The Shares, Charity FT Shares and Compensation Warrants are subject to a four month hold period pursuant to applicable securities laws.
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.
About Talisker Resources Ltd.
Talisker Resources Ltd. is a junior resource company involved in the exploration of gold projects in British Columbia, Canada. Talisker’s projects include the Bralorne Gold Complex, an advanced stage project with significant exploration potential from a historical high grade gold producing mine as well as its Spences Bridge Project where the Company holds ~85% of the emerging Spences Bridge Gold Belt and several other early stage Greenfields projects. With its properties comprising 270,605 hectares over 288 claims, three leases and 154 crown grant claims, Talisker is a dominant exploration player in the south central British Columbia. The Company is well funded to advance its aggressive systematic exploration program at its projects.
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We acknowledge the [financial] support of the Government of Canada.