Talon Metals Corp. announces closing of its overnight marketed offering

Talon Metals Corp. announces closing of its overnight

marketed offering

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES.

Road Town, Tortola, British Virgin Islands (August 29, 2019) – Talon Metals Corp. (TSX:TLO)

(“Talon” or the “Corporation”) announced today the closing of its previously announced overnight

marketed public offering of 65,222,300 common shares of the Cor poration (collectively, the

“Common Shares”) at a price of $0.17 per Common Share for aggre gate gross proceeds of

$11,087,791, which includes the issuance of 6,398,770 Common Sh ares pursuant to the partial

exercise of the underwriters’ over-allotment option (the “Offering”).

The Offering was underwritten by a syndicate co-led by Paradigm Capital Inc. and Canaccord

Genuity Corp. and including Leede Jones Gable Inc.

The Corporation intends to use the net proceeds from the Offeri ng for advancing work related to

its planned exploration and development program at the Tamarack North Project in Minnesota,

and for general working capital purposes, as described in the final short form prospectus filed on

August 22, 2019.

Resource Capital Fund VI L.P. (“RCF”) acquired 11,764,800 Commo n Shares pursuant to the

Offering. RCF is the largest shareholder of the Corporation and based on information available to

the Corporation, upon the closing of the Offering RCF now owns 238,960,954 Common Shares

representing approximately 48.3% of the issued and outstanding Common Shares of the

Corporation.

The Common Shares were offered by way of a short form prospectu s filed in all of the provinces

of Canada, other than the Province of Québec, pursuant to Natio nal Instrument 44-101 – Short

Form Prospectus Distributions . The Common Shares have not been and will not be registered

under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United

States absent registration or an applicable exemption from the registration requirements. This

news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there

be any sale of the Common Shares in any jurisdiction in which s uch offer, solicitation or sale

would be unlawful.

About Talon

Talon is a TSX-listed company focused on producing nickel respo nsibly for the electric vehicles

industry. The high-grade Tamarack Ni-Cu-Co Project is located i n Minnesota, USA (which

comprises the Tamarack North Project and the Tamarack South Project). The Corporation has a

well-qualified exploration and mine management team with extens ive experience in project

management.

For additional information on Talon, please visit the Corporati on’s website at

www.talonmetals.com or contact:

Sean Werger

President

Talon Metals Corp.

Tel: (416) 361-9636 x102

Email: [email protected]

Forward-Looking Statements

This news release contains certain “forward-looking statements” . All statements, other than

statements of historical fact that address activities, events o r developments that the Corporation

believes, expects or anticipates will or may occur in the futur e are forward-looking statements.

These forward-looking statements reflect the current expectatio ns or beliefs of the Corporation

based on information currently available to the Corporation. Su ch forward-looking statements

include the statement relating to the anticipated use of the ne t proceeds from the Offering.

Forward-looking statements are subject to significant risks and uncertainties and other factors

that could cause the actual results to differ materially from those discussed in the forward-looking

statements, and even if such actual results are realized or substantially realized, there can be no

assurance that they will have the expected consequences to, or effects on the Corporation.

Any forward-looking statement speaks only as of the date on which it is made and, except as may

be required by applicable securities laws, the Corporation disc laims any intent or obligation to

update any forward-looking statement, whether as a result of ne w information, future events or

results or otherwise. Although the Corporation believes that th e assumptions inherent in the

forward-looking statements are reasonable, forward-looking stat ements are not guarantees of

future performance and accordingly undue reliance should not be put on such statements due to

the inherent uncertainty therein.