Talon Energy: Eyes $12m after acquiring interest in Gurvantes, Mongolia

Talon Energy Eyes $12m after acquiring interest in Gurvantes, Mongolia

• Talon Energy (TPD) taps private investors for $12 million to support its acquisition of a 33 per cent interest in TMK Energy’s (TMK) Gurvantes XXXV project in Mongolia
• TPD has exercised its earn-in option over the project and has committed to funding the first $4.6 million of expenditure for a stage two pilot well program with TMK
• Talon has now received commitments from institutional and sophisticated investors to place just under 86 million shares at 14 cents per share to raise the $12 million
• The company will issue around 85.7 million new shares at 14 cents each to raise the funds, marking a 14.5-per-cent discount to its five-day volume-weighted average price
• Talon shares closed 3.23 per cent higher at 16 cents, and TMK shares closed 5 per cent lower at 1.9 cents