New Talisman raises $550,000 in private placement

New Talisman Gold Mines has announced the allotment of 7,638,888 new ordinary shares in a private placement, raising $550,000.

The issue price was set at $0.072 per share, representing a 5% discount to the volume-weighted average price (VWAP) for the 10 days prior to the placement.

The company said the proceeds from the placement will be used as working capital for the commencement of bulk sampling.

In addition, New Talisman has completed the final conversion of a convertible loan note, issuing 543,442 ordinary shares for $35,324.

This was a 15% discount on the 20-day VWAP of New Talisman shares, in accordance with the terms of the note.