Talon Metals Announces Upsizing of Previously Announced Best Efforts Public Offering of Common Shares

Road Town, Tortola, British Virgin Islands--(Newsfile Corp. - August 5, 2020) - Talon Metals Corp. (TSX: TLO) ("Talon" or the "Corporation") is pleased to announce that it has increased the size of its previously announced best efforts public offering of the Corporation (the "Offering"). Pursuant to the revised terms of the Offering, Talon expects to issue common shares of the Corporation (the "Common Shares") for aggregate gross proceeds of up to $5 million at a price of $0.26 per Common Share.

The Offering is being conducted by Paradigm Capital Inc. ("Paradigm") as sole agent (the "Agent") and is expected to be conducted in each of the provinces of Canada, except the province of Québec, pursuant to a prospectus supplement to the Corporation's base shelf prospectus dated March 26, 2020.

The Offering will be made pursuant to the terms of an agency agreement (the "Agency Agreement") to be entered into between the Corporation and Paradigm. The Agency Agreement will provide that the Corporation will grant the Agent an option (the "Over-Allotment Option") to purchase up to a number of additional Common Shares equal to 15% of the Common Shares sold pursuant to the Offering, exercisable in whole or in part at any time up to 30 days after the closing date of the Offering.

The Corporation intends to use the net proceeds from the Offering for advancing work related to its planned exploration and development program at the Tamarack North Project in Minnesota, and for general working capital purposes.

The Offering is expected to close on or about August 13, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange (the "TSX"), and the entering into of the Agency Agreement.

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 such offer, solicitation or sale would be unlawful.

About Talon

Talon is a TSX-listed company focused on producing nickel responsibly for the electric vehicles industry. The high-grade Tamarack Ni-Cu-Co Project is located in 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 extensive experience in project management.

For additional information on Talon, please visit the Corporation's website at www.talonmetals.com or contact:

Sean Werger
President
Talon Metals Corp.
Tel: (416) 361-9636 x102
Email: werger@talonmetals.com

Forward-Looking Statements

This news release contains certain "forward-looking statements". All statements, other than statements of historical fact that address activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Corporation based on information currently available to the Corporation. Such forward-looking statements include statements relating to the anticipated closing date of the Offering, the anticipated use of the net proceeds from the Offering, the entering into of the Agency Agreement and the receipt of all necessary approvals, including the approval of the TSX. 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 disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Corporation believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/61109

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