Mr. Darin Wagner reports
BALMORAL CLOSES SECOND AND FINAL TRANCHE OF PRIVATE PLACEMENT FOR AGGREGATE GROSS PROCEEDS OF $2.1 MILLION
Balmoral Resources Ltd. has now closed the second and final tranche of the previously announced (see the company's news releases dated March 8, 2019, and March 15, 2019) non-brokered private placement. Upon closing of the second tranche of the offering, the company issued 2,432,856 units at a price of 14 cents per unit for gross proceeds of $340,599.84. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the company at a price of 25 cents for a period of 18 months from today's closing. Insiders of the company purchased 290,000 units. Aggregate gross proceeds from the first and second tranche closings of the offering totalled $2,131,503.90.
The common shares and warrants issued in the second tranche will be subject to a four-month-and-one-day hold period from the date of closing of the second tranche of the offering under applicable securities laws in Canada.
The net proceeds from the sale of the units issued in the second tranche will be used for exploration of the company's properties, principally those in Quebec, and/or general working capital purposes.
The company paid a total of $12,000 in administration fees upon closing of the second tranche. No finders' fees were paid in conjunction with the closing of the second tranche of the offering.
About Balmoral Resources Ltd.
Balmoral is a multiaward-winning Canadian-focused exploration company actively exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt. The company's flagship 1,000-square-kilometre Detour gold trend project hosts the resource-stage Bug and Martiniere West gold deposits and the Grasset nickel-copper-cobalt-PGE (platinum group element) deposit.
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