Mr. Darin Wagner reports
BALMORAL INCREASES NON-BROKERED PRIVATE PLACEMENT TO $2.35 MILLION
Balmoral Resources Ltd. has increased its previously announced (see news release dated Oct. 11, 2019) non-brokered private placement to $2.35-million. The offering will now consist of hard-dollar units, national flow-through shares and Quebec flow-through shares (the latter previously announced). Under the terms of the offering, the company has agreed to sell to subscribers in the province of Quebec up to 7,173,913 Quebec flow-through common shares of the company at a price of 23 cents per Quebec flow-through common share. The company has also agreed to sell up to 1,315,789 national flow-through common shares at a price of 19 cents per national flow-through common share and 2,647,058 units priced at 17 cents per unit, with each unit consisting of one common share and one-half common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of 30 cents for a period of 18 months from the closing of the offering.
The gross proceeds of the offering will be used by the company for the exploration of the company's Canadian exploration properties, principally those located in the province of Quebec, and for general working capital purposes. The national and Quebec flow-through offerings are anticipated to close on or before Oct. 30, 2019, and the unit offering on or before Nov. 8, 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 and warrants 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 finders' fees in accordance with the policies of the Toronto Stock Exchange 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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