https://www.engineeringnews.co.za

New Talisman's Chinese deal wavers

New Talisman's Chinese deal wavers

Photo by Bloombeg

29th September 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – The board of junior New Talisman Gold Mines was considering its legal options after a Chinese investor failed to come to the party.

In June, New Talisman signed a binding term sheet with investor Yang Xia to invest some NZ$1.16-million to fund the development of the Talisman mine bulk sampling project, in exchange for around 145.5-million shares, priced at 8c each.

A subsequent 32.3-million shares, at 8c a share, would also have been placed to Yang, within a 45-day period following the first investment and subject to shareholder approval. The second investment was expected to have raised a further NZ$296 000.

At a recent annual general meeting, New Talisman shareholders passed a resolution to allow the company to complete the transaction without the need for further shareholder approval.

However, the company told shareholders on Tuesday that Yang had failed to settle the proposed investment for 182.8-million shares.

The New Talisman board has now issued a letter of demand to Yang.

The bulk sampling project was expected to provide the first cash flow from operation and would allow New Talisman to be cash flow positive within 12 months from the start of sampling.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Craig Miller Technical Services (CMTS)
Craig Miller Technical Services (CMTS)

CMTS is a leading, well-established EC&I contractor with 37+ years of mining and industrial experience. We execute full-scope EC&I projects with...

VISIT SHOWROOM 
ATI Systems
ATI Systems

ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.051 1.265s - 140pq - 2rq
Subscribe Now