Talon Metals to close private placement

British Virgin Islands-registered company Talon Metals Corp. announced that it has completed the first part of a non-brokered private placement with a strategic investor for a total amount of 4,681,448 units. The price is CDN$0.45 per unit, and gross proceeds are CDN$2,106,652. Each of the units is comprised of one common share of Talon Metals, and one half of one common share purchase warrant. The expiry date of the common share purchase warrants is October 21, 2012.

The second and final closing of the private placement is for further 5,964,877 units for gross proceeds of CDN$2,684,195. The BVI corporation is planning to use the proceeds from the private placement for its exploration program at its TrairĂ£o Iron Ore Project, in order to complete the Phase 1 exploration program and fund operations through the medium term.

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