Strategic Plan and Proposed Issue of Convertible Notes

New Talisman Gold Mines Ltd (NTL) has announced its Strategic Plan and proposed issue of Convertible Debt Security to fund the plan, with NZ$1 million already pledged from a substantial product holder and NTL seeking an additional NZ$2.5 million.

Terms of the Convertible Debt Security include an 18 month term, annual interest rate of 9.5%, conversion to ordinary shares at 15% discount to the preceding 20 day VWAP, unsecured ranking pari-passu with unsecured trade creditors, and repayment in cash on the 18 month anniversary of drawdown.

Strategic Plan includes recommencing underground activities at the mine, advancing Mystery Vein, opening a second face, and funding the Traffic Management Plan and Resource Consent application for Full Mining Consent.

Campbell MacPherson has been appointed as Corporate Advisor and will receive a retainer and 5% success fee for raising additional capital.

The Board looks forward to bringing the mine into production.