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Balmoral Resources Ltd
Symbol BAR
Shares Issued 151,192,922
Close 2019-11-08 C$ 0.24
Recent Sedar Documents

Balmoral closes $1.59M final tranche of financing

2019-11-11 08:35 ET - News Release

Mr. Darin Wagner reports

BALMORAL WELCOMES STRATEGIC INVESTMENT FROM MR. ERIC SPROTT, CLOSES FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FOR TOTAL GROSS PROCEEDS OF $3.5 MILLION

Balmoral Resources Ltd. has closed the second and final tranche of the previously announced (see news releases dated Oct. 11, Oct. 16, Oct. 23, and Oct. 28, 2019) non-brokered private placement.

Pursuant to the closing of the second tranche, the company issued 9,361,158 units at a price of 17 cents per unit for gross proceeds of $1,591,396.86. Each unit consisted of one common share of the company 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 30 cents for a period of 18 months. The common shares and common share purchase warrants issued will be subject to a four-month-and-one-day hold period from the date of closing of the second tranche under applicable securities laws in Canada. The gross proceeds of the offering totalled $3,491,396.86.

Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially controlled by him, purchased 5,882,353 units.

"We would like to thank our existing retail and institutional shareholders for their strong support of the offering and to welcome Mr. Sprott as a shareholder of the company moving forward," said Darin Wagner, president and chief executive officer of Balmoral.

The net proceeds from the sale of the units will be used for the exploration of the company's Canadian exploration properties, principally those located in the province of Quebec, and for general working capital.

In consideration of their assistance with sale of the units the company paid cash finders' fees totalling $76,594.99 and issued 450,557 common share purchase warrants. Each finders warrant entitles 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 $18,800 in administration fees upon closing of the unit offering.

About Balmoral Resources Ltd.

Balmoral is an 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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