Mr. Darin Wagner reports
BALMORAL ARRANGES $1.4 MILLION FLOW-THROUGH PRIVATE PLACEMENT
Balmoral Resources Ltd. has arranged a $1.4-million non-brokered flow-through private placement. Under the terms of the offering, the company has agreed to sell 6,086,957 flow-through common shares of the company at a price of 23 cents per flow-through common share.
The gross proceeds of the offering will be used by the company to incur eligible Canadian exploration expenses (as defined in the Income Tax Act (Canada)) through the exploration of the company's properties located in Quebec.
The offering is anticipated to close on or about Oct. 30, 2019. Closing of the offering is subject to certain conditions, including the receipt of regulatory approvals, such as the acceptance of the offering by the Toronto Stock Exchange. The shares to be issued under the offering will be subject to a four-month hold period from the closing date under applicable securities laws in Canada.
In connection with the offering, Balmoral has engaged Laurentian Bank Securities Inc. to act as its exclusive financial adviser for the offering. The company may pay finder's fees in accordance with the policies of the TSX in conjunction with the closing 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-platinum group element deposit.
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