Talon enhances treasury through sale of Brazauro shares



    ROAD TOWN, Tortola, British Virgin Islands, Sept. 20 /CNW/ - Talon Metals
Corp., formerly BrazMin Corp., ("Talon" or the "Company") (TSX: TLO) today
announces the sale of 8,214,500 common shares (the "sale") of Brazauro
Resources Corporation ("Brazauro") (TSX-V:BZO), which represents about 62% of
its original share position. Gross proceeds of the sale were approximately
$6.6 million.
    "The proceeds from the sale of the Brazauro shares further strengthens
the Company's treasury, allowing us to proceed with our corporate objectives
of continuing to explore our strategic assets, while pursuing new
opportunities in base and precious metals," said Dr. Fiona Childe, President
and CEO of Talon.
    Prior to the sale, Talon held 13.15 million common shares of Brazauro,
representing 17% of the outstanding common shares of Brazauro. After giving
effect to the sale, Talon holds 4.9 million common shares of Brazauro (the
"Brazauro Shares"), representing approximately 6% of the outstanding common
shares of Brazauro. The sale was effected through the facilities of the TSX
Venture Exchange.
    An early warning report in respect of the above noted transaction will be
filed on SEDAR and will be available at www.sedar.com. The common shares of
Brazauro were acquired for investment purposes and are designated as an asset
"held for trading" on the Company's financial statements. Talon, together with
other persons, may from time to time, depending on market and other
conditions, increase or decrease (subject to the restrictions set out below)
its beneficial ownership, control or direction over the common shares or other
securities of Brazauro, through market transactions, private agreements,
treasury issuances, acquisition and exercise of convertible securities or
otherwise. However, as set out in detail in the early warning report, Talon
has agreed that it will not sell any of the remaining Brazauro Shares for a
period of six months, without the prior consent of Brazauro.

    About Talon

    Talon is a TSX-listed company focused on the acquisition, exploration and
advancement of high quality resource projects. The Company has a
well-qualified exploration and management team with extensive experience in
exploration and project management.
    Following the sale of the Brazauro shares, Talon will have a treasury of
approximately $15.6 million and hold approximately 4.9 million common shares
of Brazauro. None of Talon's treasury is invested in asset backed commercial
paper. The Company has 27,054,222 shares outstanding and 32,503,722 shares
fully diluted.


    %SEDAR: 00008215E




For further information:

For further information: on Talon please visit the Company's website at
www.talonmetals.com or contact: Erica Belling, VP Investor Relations, Tau
Capital Corp., Tel: (416) 361-9636 x 243, Email: ebelling@taucapital.com

Organization Profile

Talon Metals Corp.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890