New Talisman issues shares, completes debt conversion

New Talisman Gold Mines (NZX:NTL) announced a private placement of 7,638,888 new ordinary shares, raising NZ$550,000. The shares were issued at NZ$0.072 each, representing a 5% discount on the volume-weighted average price (VWAP) for the ten days preceding the allotment. The company intends to use the proceeds for working capital to commence bulk sampling. Concurrently, NTL finalized the conversion of its Convertible Loan Note, issuing 543,442 ordinary shares for NZ$35,324 to Hamish Brown, reflecting a 15% discount on the 20-day VWAP, as per the note's terms. Hamish Brown's holdings now total 128,693,442 shares, representing 19.82% of the company, reflecting an increase from the prior disclosure of 128,500,000 shares (19.99%) of the company.