New Talisman issues shares to Hamish Brown

New Talisman Gold Mines has issued 25 million ordinary shares to Hamish Brown as part of the partial conversion of a convertible note debt security.

The shares were issued at a price of $406,250, which represents a 15% discount on the 20-day volume-weighted average price of New Talisman shares.

However, the company noted that a full conversion of the note to ordinary shares would breach the 20% threshold of its total issued share capital under the New Zealand Takeovers Code.

The remaining balance of the note will continue on existing terms for the next 12 months, but further conversion to shares may occur within the current regulatory framework.