Vancouver, Canada, Oct 29, 2015 - (ABN Newswire) - Balmoral Resources Ltd. (TSE:BAR) (OTCMKTS:BALMF) ("Balmoral" or the "Company") announces that it has successfully completed the previously announced (see NR15-14 dated October 15, 2015) non-brokered private placement (the "Offering"). The Company has issued 6,047,646 flow-through common shares (the "Flow-Through Shares") at a price of $0.75 per Flow-Through Share for gross proceeds of $4,535,734. Securities issued under the Offering are subject to a hold period which will expire four months and one day from the date of closing, being February 29th, 2016.
The proceeds raised from the Offering will be used by the Company for further delineation of its Martiniere Gold and Grasset Nickel Discoveries and continued exploration of its Detour Gold Trend Project located in the Province of Quebec.
In conjunction with the completion of the Offering the Company has paid certain finders cash commissions totaling $268,544.
The Company also advises that it has received further expressions of interest in the Offering and that the Company's Board of Directors may determine to increase the size of the Offering by as much as 20%, which increase would be completed by way of a second tranche closing, subject to approval by the Toronto Stock Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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.
Contact:
John Foulkes, Vice-President, Corporate Development
(604) 638-5815 / Toll Free: (877) 838-3664
Email: jfoulkes@balmoralresources.com
www.balmoralresources.com
Source:
Balmoral Resources Ltd
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