New Talisman Gold Mines has announced a placement facility to raise working capital.
The company informed the market on September 5 that it would be seeking eligible sophisticated and professional investors under the Financial Markets Conduct Act.
The price formula for the placement has been set at a 10% discount to the 10-day volume-weighted average price (VWAP) prior to the allotment date of September 15.
New Talisman Gold Mines also revealed that there will be director participation in the placement, as it is no longer listed on the ASX.
The placement is open for applications until September 12.
In a separate development, board member John Upperton disclosed that he is considering his future with the company, but there is no set timeframe for any transition.
Upperton, who was elected to the board to instigate change in governance and bring Talisman into production, said he would work with the board for a smooth transition.
He also confirmed his participation in the placement round.
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