Mr. Darin Wagner reports
BALMORAL ANNOUNCES CLOSING OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $1.9 MILLION
Balmoral Resources Ltd. has closed the first tranche of the previously announced (see news releases dated Oct. 11, Oct. 16 and Oct. 24, 2019) non-brokered private placement. Upon closing of the first tranche of the offering, the company issued 7,173,913 Quebec flow-through common shares, at a price of 23 cents per Quebec flow-through share, for gross proceeds of $1.65-million and 1,315,790 national flow-through common shares, at a price of 19 cents per national flow-through share, for gross proceeds of $250,000. The Quebec flow-through shares and the national flow-through shares will be subject to a four-month-and-one-day hold period from the date of closing of the first tranche of the offering under applicable securities laws in Canada.
As previously announced, the company anticipates that the second and final tranche of the offering will close on or about Nov. 8, 2019.
The gross proceeds from the sale of the flow-through share offering will be used for the exploration of the company's Canadian exploration properties, principally those located in the province of Quebec.
In consideration of their assistance with the flow-through share offering, the company has agreed to pay to certain finders cash fees totalling $95,000 and to issue 424,484 common share purchase warrants. Each finder's warrant will entitle the holder to purchase one common share of the company at a price of 30 cents for a period of 18 months from today's closing. The company also paid a total of $2,000 in legal and administration fees upon closing.
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. Employing a drill-focused exploration style in one of the world's pre-eminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through the discovery and definition of high-grade, Canadian gold and base metal assets.
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