Agadir – UK-listed exploration company Talisman Metals PLC has raised £501,800 ($684,078) through a share placement to support exploration and development activities at its copper projects in Morocco.
The company announced today that it issued 7,168,570 new ordinary shares at 7 pence per share, representing a 9.37% premium to its closing share price on August 19.
The placement involved both new and existing shareholders, with the company saying the net proceeds will be used to fund exploration and development work at its Tirzzit and Fougnar copper projects in Morocco, as well as for general corporate and working capital purposes.
Talisman Chief Executive Officer Timothy McCutcheon said the fundraising would provide the company with greater flexibility as it prepares to begin drilling later this summer.
“As we progress to the start of drilling later this summer, management chose to top-up the Company’s treasury to give more flexibility on the use of capital for field work,” McCutcheon said. “This fundraise will enable further expansion of the exploration at Tirzzit and Fougnar during the current year.”
Drilling campaign to begin in September
The fundraising comes as Talisman prepares for a major drilling campaign at its Tirzzit copper project, with drilling targeted to begin in the first week of September.
The company has engaged Geosond Maroc SARL to conduct approximately 3,000 meters of reverse circulation drilling over an estimated six-week period.
The campaign will focus primarily on establishing mineralization data points along the entire basal series strike identified through previous exploration. Talisman also plans to carry out step-out drilling along the projected strike horizon to assess potential extensions of mineralization.
Tirzzit is a sediment-hosted stratiform copper-silver (Cu-Ag) system located approximately 225 kilometers east of Agadir. The project consists of two mining licenses covering a combined area of 16.5 square kilometers.
