The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • New Talisman Gold Mines (NTL) completes its recently-announced rights offer to raise roughly NZ$1.71 million (A$1.6 million) — only half of what it sought
  • Last month, the company opened the three-for-five rights issue offer, under which it sought to raise NZ$3.45 million by issuing new shares at 1.7 cents
  • While the company fell short of its target, New Talisman insists the amount raised is “substantial enough” to progress its namesake mine
  • NTL will now allow applications for a shortfall offer with the same terms as the rights issue, which has already been gaining interest
  • New Talisman shares last traded at 1.7 cents on Monday afternoon

New Talisman Gold Mines (NTL) has completed its recently-announced rights offer to raise roughly NZ$1.71 million (A$1.6 million) — only half of what it sought.

Last month, the company opened the three-for-five rights issue offer, under which it sought to raise NZ$3.45 million by issuing new shares at 1.7 cents.

The company said the majority of its top 20 shareholders participated in the offer.

“We are grateful to our shareholders for their strong support for our capital raise and particularly pleased to see such a high level of oversubscription at 33 per cent from those that participated,” Samantha Sharif, Chair of NTL, said.

While NTL fell short of its NZ$3.45 million target, the company said the amount raised was “substantial enough” to restart underground mining progress on its Talisman mine. The company also affirmed it would now allow applications for a shortfall offer with the same terms as the rights issue, which has already been gaining interest.

Previous chip sampling on the Mystery vein in the Talisman mine area showed an average value of 32 grams of gold per tonne. The vein appears to follow a north-south direction, and neighbours the Maria lode which historically produced 3.5 million ounces of precious metals.

“This now allows us to move forward with our strategic plan to commence bulk sampling on the Mystery vein at Talisman and finally begin to realize the potential of the company for shareholders,” Ms Sharif said.

New Talisman shares last traded at 1.7 cents on Monday afternoon.

NTL by the numbers
More From The Market Online
Minas Gerais in Brazil

Viridis tips Colossus resource as best globally for MREOs

Viridis Mining and Minerals Ltd says its updated mineral resource estimate for the Brazilian project is…
Road in Namibia

‘Decades of future development opportunities’ ahead for Paladin after plant improvement works

Paladin Energy Ltd recorded uranium production broadly in line with yearly expectations, despite a fall back…
Germanium crystals

Battery Age Minerals finds critical technology isotope Germanium-76 at Bleiberg

Battery Age Minerals has made a pivotal development in early-stage exploration of its Bleiberg mine in…
The Market Online Video

ASX Market Open: Oz follows global green amid cautious ‘Trump Bump 2.0’ rally | Jan 22, 2025

It’s looking like another Trump-led green day Down Under, with ASX 200 futures pointing to a 0.44% gain through Wednesday morning, up to...