Mr. Darin Wagner reports
BALMORAL CLOSES NON-BROKERED FLOW-THROUGH PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $4.55 MILLION
Balmoral Resources Ltd. has closed the previously announced (see news release dated Dec. 16, 2019) non-brokered, flow-through private placement.
Pursuant to the closing of the offering, the company issued 8.93 million Quebec flow-through common shares at a price of 51 cents per Quebec flow-through share for gross proceeds of $4,554,300. The Quebec flow-through shares issued will be subject to a four-month-and-one-day hold period from the date of closing of the offering under applicable securities laws in Canada.
The net proceeds from the sale of the Quebec flow-through shares will be used for the exploration of the company's properties located in the province of Quebec.
In consideration of their assistance with sale of the Quebec flow-through shares, the company paid cash finders' fees, totalling in aggregate $200,000, to Mackie Research Capital Corp. and Infor Financial Inc.
About Balmoral Resources Ltd.
Balmoral Resources 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. 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.
We seek Safe Harbor.
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