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Balmoral Resources Ltd
Symbol BAR
Shares Issued 178,470,425
Close 2020-03-06 C$ 0.48
Recent Sedar Documents

Balmoral investor acquires 4.25 million shares

2020-03-06 18:23 ET - News Release

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 ownership today of 4,255,500 common shares of Balmoral Resources Ltd. over the Toronto Stock Exchange (representing approximately 2.4 per cent of the outstanding shares on a non-diluted basis) at 49.48 cents per share for aggregate consideration of approximately $2,105,621.

Mr. Sprott now beneficially owns and controls 20,385,853 shares and 2,941,176 warrants (representing approximately 11.4 per cent on a non-diluted basis and 12.9 per cent on a partially diluted basis assuming exercise of such warrants). Prior to this acquisition, Mr. Sprott beneficially owned and controlled 16,130,353 shares and 2,941,176 warrants (representing approximately 9.1 per cent on a non-diluted basis and 10.5 per cent on a partially diluted basis).

The shares were acquired by Mr. Sprott, through 2176423 Ontario, for investment purposes. As previously disclosed on March 2, 2020, 2176423 Ontario has entered into a voting and support agreement with Wallbridge Mining Company Ltd. in connection with its proposed acquisition of all the outstanding shares of Balmoral Resources by way of a plan of arrangement. Mr. Sprott intends to hold the shares for investment purposes and to support the transaction, and may acquire additional shares from time to time, depending on market conditions. If the plan of arrangement does not close, Mr. Sprott may acquire additional securities of Balmoral Resources, including on the open market or through private acquisitions, or sell securities, 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 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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