Talon Energy (ASX:TPD) to raise $15M in financing

• Talon Energy (TPD) scales back applications for its $11 million share placement
• The placement was strongly supported by investors, along with Talon’s managing director and CEO and non-executive director, who each applied for $198,000 worth of shares
• The placement will go towards further exploration and evaluation work at Talon’s Walyering and Gurvantes XXXV projects
• Meanwhile, a $4 million share purchase plan is now open to eligible shareholders to subscribe for up to $30,000 of Talon shares at 8 cents each
• Shares last traded at 0.9 cents on May 5

Talon Energy (TPD) has completed an $11 million share placement to advance its exploration projects.

The placement was well supported by existing and new investors, with Talon Energy having to scale back applications due to the strong interest.

While shareholders are scheduled to receive their portion today, Talon’s managing director and chief executive officer, Colby Hauser, and non-executive director David Casey, who both elected to participate in the placement, are required to gain shareholder approval to go ahead with their $198,000 allotment of shares.

Aside from the directors’ allotment of shares, shareholders are scheduled to receive their portion today.

The placement will go towards further exploration and evaluation work at Talon’s Walyering and Gurvantes XXXV projects.  

 “The successful placement has been a great outcome for Talon and its shareholders as we look to capitalise on the success seen to date at the Walyering onshore gas project in the Perth Basin,” Talon Managing Director, Colby Hauser said.

“Flow testing results to date have exceeded pre-drill expectations and we are confident that we will have sufficient information to endorse a final investment decision in the coming months.”

A $4 million share purchase plan is now open to eligible shareholders to subscribe for up to $30,000 of Talon shares at 8 cents per share, the same price as the placement.

The share purchase plan is scheduled to close on May 20.

Talon Energy last traded at 0.9 cents on May 5.