Mr. Darin Wagner reports
BALMORAL FURTHER INCREASES NON-BROKERED PRIVATE PLACEMENT TO $3.47 MILLION
Balmoral Resources Ltd. has further increased the hard dollar unit component of its previously announced (see news releases dated Oct. 11, 2019,
Oct. 16, 2019) non-brokered private placement to $1.57-million, which increases the total size of the offering to $3.47-million. The company has now agreed to sell up to 9,243,529 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. There is no increase to the number of Quebec flow-through or national flow-through common shares to be sold under the previously announced (see news release dated Oct. 16, 2019) terms 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 now anticipated to close on or about Oct. 25, 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 financial adviser with respect to 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.
We seek Safe Harbor.
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