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TALONX RESOURCES LIMITED — Capital/Financing Update 2011
Nov 7, 2011
65972_rns_2011-11-07_1d2e52ef-ee43-437f-91ad-735c5a7cb669.pdf
Capital/Financing Update
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ACN: 009 067 476
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ASX RELEASE 8 November 2011
SHARE PLACEMENT
On 16 September 2011 the Company announced that it had reached agreements to place 26,375,000 shares with professional investors at an issue price of 0.8 of a cent to raise $211,000.
As reported in its quarterly report, lodged on 31 October, the Company has received $141,000 from the above placement representing 17,625,000 shares. Listing of these shares was applied for on 1[st] November 2011 and official quotation was granted from 4 November. This left a shortfall of $70,000, representing 8,750,000 shares.
The Company has now reached further agreements to place 36,500,000 shares at an issue price of 0.6 of a cent, to raise $219,000. This will cover the above shortfall of $70,000 and raise an additional $149,000.
Those parties who remitted their funds at 0.8 of a cent have been disadvantaged by the delay in closing the initial placement because of the above shortfall and the fall in the Company’s share price. Accordingly the Company will allot a further 5,875,000 shares, pro-rata to those parties to align the overall issues at 0.6 of a cent.
Funds raised from these issues will be applied to ongoing exploration.
ONGOING EXPLORATION
Tsumkwe Base Metals Project – Namibia
The Company plans to conduct further exploration/drilling at a recently discovered iron (magnetite) target – refer to quarterly report lodged on 31[st] October for assay/DTR results.
Kihabe-Nxuu Project, Botswana
At the Company’s Kihabe-Nxuu Zn/Pb/Ag project in Botswana, assays from close-spaced geochemical soil sampling have generated five significant Zn/Pb soil geochemical anomalies and one significant Cu/Co soil geochemical anomaly which have the potential to increase the Company’s resource base
The Company is continuing with soil geochemical sampling over several other prospective areas within its 100%-owned 3,000 sq km neo-Proterozoic belt.