Announces Closing of $10.0 Million Flow-Through Private Placement
Vancouver, Nov 7, 2014 AEST (ABN Newswire) - Balmoral Resources Ltd. (TSE:BAR) (BALMF:OTCMKTS) ("Balmoral" or the "Company") announces that it has closed the previously announced (see NR14-25 dated October 15, 2014) flow-through private placement with a syndicate of underwriters led by Canaccord Genuity Corp. and including RBC Capital Markets and PI Financial Corp. (the "Underwriters"). The Company has issued 5,900,000 flow-through common shares (the "Offered Securities") at a price of $1.70 per flow-through common share for gross proceeds $10,030,000 (the "Offering").
The proceeds raised from the Offering will be used by the Company for further exploration of its Detour Gold Trend Project and other properties located in the Province of Quebec.
In consideration of the Underwriters' services, the Company has agreed to pay the Underwriters a cash commission of 5.0% of the gross proceeds of the Offering. The Underwriters will also receive broker warrants (the "Broker Warrants") equal to 4.0% of the Offered Securities sold pursuant to the Offering. Each Broker Warrant entitles the holder to acquire one common, non-flow-through, share of the Company at a price of $1.45 until the date that is 12 months from the closing of the Offering.
About Balmoral Resources Ltd
Balmoral Resources Ltd. (TSE:BAR) (OTCMKTS:BALMF) is a Canadian-based discovery company focused on high-grade nickel and gold discoveries on its wholly owned, 700+ square kilometre Detour Trend Project in Quebec, Canada. With a philosophy of creating value through the drill bit and a focus on proven productive precious/base metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian base metal and gold assets.
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