Talisker raising $2.3 million from upsized offering
Talisker Resources Ltd. [TSX-TSK, TSKFF-OTCQB] is upsizing a previously announced non-brokered private placement financing, which is now expected to raise $2.3 million. That’s up from an earlier $2 million target.
The company said the upsized offering will consist of up to 5.75 million units priced at 40 cents each.
The company said each unit will consist of one common share and one-half common share purchase warrant. Each warrant will entitle the holder to acquire one common share at an exercise price of 60 cents for two years after completion of the offering.
The company said it intends to use the net proceeds from the offering for working capital and general corporate purposes.
The upsized offering is expected to close by August 12, 2024.
Talisker shares were unchanged Friday at 35 cents and currently trade in a 52-week range of 64 cents and $0.065
Talisker’s flagship asset is the high-grade, fully permitted Bralorne Gold Project where the company is currently transitioning into underground production at the Mustang Mine.
The Bralorne mine complex was one of the highest-grade and longest producing gold mines in British Columbia. It operated for over 50 years. The complex consisted of three mines – Bralorne, Pioneer, and King – which produced 4.2 million ounces of gold at an average recovered grade of 17.7 g/t.
Production ceased in 1971 due to the low gold price at the time.
Bralorne is estimated to contain an indicated resource of 33,000 ounces of gold, and an inferred resource of 1.6 million ounces.
Talisker recently announced that through its 100%-owned subsidiary Bralorne Gold Mines Ltd., it has signed an ore purchase agreement with New Gold Inc. (NGD-TSX, NYSE American). As part of the agreement, New Gold will purchase up to 350,000 tonnes of material mined at Bralorne. That material will be processed at New Gold’s New Afton mine in British Columbia.
The agreement can be extended by mutual agreement by New Gold and Talisker.
“Having completed the portal and decline construction and resource conversion drilling, this agreement clears the pathway for our planned 2024 production at Bralorne,’’ said Talisker President and CEO Terry Harbot.
Talisker’s other key asset is an 85% interest in the Spences Bridge Gold Belt and several other early-stage greenfield projects. The Spences Bridge asset covers 203,029 hectares in southern British Columbia.
Back on April 4, 2024, Talisker said it had signed a non-binding letter of intent to form a joint venture with Regeneration Enterprises Inc. to process the Ladner Gold Project tailings resource, which is owned by New Carolin Gold Corp., a unit of Talisker.
Ladner contains a NI 43-101-compliant tailings indicated resource of 445,000 tonnes of grade 1.64 g/t or 24,000 ounces of gold and an inferred resource of 93,000 tonnes of grade 1.64 g/t or 5,000 ounces of gold, representing 60% of the tailings material. The project is located 150 kilometres east of Vernon, B.C.