Mr. Eric Sprott, a shareholder, reports
ERIC SPROTT ANNOUNCES INVESTMENT IN BALMORAL RESOURCES LTD.
2176423 Ontario Ltd., a corporation which is beneficially owned by Eric Sprott, acquired today an ownership of one million common shares of Balmoral Resources Ltd. over the Toronto Stock Exchange (representing approximately 0.56 per cent of the outstanding shares on a non-diluted basis) at 47 cents per share for aggregate consideration of approximately $466,000.
Mr. Sprott now beneficially owns and controls 16,130,353 shares and 2,941,176 warrants (representing approximately 9.1 per cent on a non-diluted basis and 10.54 per cent on a partially diluted basis assuming exercise of such warrants). Prior to this acquisition, Mr. Sprott beneficially owned and controlled 15,130,353 shares and 2,941,176 warrants (representing approximately 8.5 per cent on a non-diluted basis and 9.99 per cent on a partially diluted basis).
The shares were acquired by Mr. Sprott, through 2176423 Ontario, for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Balmoral Resources, including on the open market or through private acquisitions, or sell securities of Balmoral Resources, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.
A copy of 2176423 Ontario's early warning report will appear on Balmoral Resources' profile on SEDAR and may also be obtained by calling Mr. Sprott's office at 416-362-3294 (200 Bay St., Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ont., M5J 2J1).
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