Mr. Darin Wagner reports
BALMORAL ANNOUNCES CLOSING OF $7.1 MILLION BOUGHT DEAL PRIVATE PLACEMENT OF FLOW-THROUGH COMMON SHARES
Balmoral Resources Ltd. has closed the previously announced (see news release 16-11 dated June 13, 2016) flow-through private placement, including full exercise of the overallotment option, with a syndicate of underwriters co-led by Canaccord Genuity Corp. and Mackie Research Capital Corp., and including GMP Securities LP. Upon closing, the company issued 4,714,163 national flow-through common shares at a price of 90 cents per national flow-through share and 2,405,837 Quebec flow-through common shares at a price of $1.20 per Quebec flow-through share, for aggregate gross proceeds of $7,129,751. The flow-through common shares issued will be subject to a four-month-and-one-day hold period from the date of closing of the offering under applicable securities laws in Canada.
The gross proceeds from the offering will be used by the company to accelerate exploration of its Detour Trend project located in the province of Quebec and for the exploration of other gold properties held by the company in Canada.
In consideration of the underwriters' services, the company has agreed to pay the underwriters a cash commission of 6 per cent of the gross proceeds of the offering.
We seek Safe Harbor.
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