Closes Second Tranche of Flow Through Offering
Vancouver, Nov 19, 2015 AEST (ABN Newswire) - Balmoral Resources Ltd. (
TSE:BAR) (BALMF:OTCMKTS) ("Balmoral" or the "Company") announces that it has successfully closed the second and final tranche of the previously announced (see NR15-14 and NR15-15 dated October 15 and October 28, 2015) non-brokered private placement (the "Offering"). The Company has raised an additional $900,000, for aggregate gross proceeds of $5,435,734 through the issuance of an aggregate of 7,247,646 flow-through common shares (the "Flow-Through Shares") at a price of $0.75 per Flow-Through Share. The second tranche of the Offering was completed with a single, existing institutional shareholder.
The proceeds raised from the Offering will be used by the Company for further delineation of its Martiniere Gold and Grasset Nickel Discoveries and continued exploration of its Detour Gold Trend Project located in the Province of Quebec.
In conjunction with the completion of the second tranche of the Offering the Company has paid a single finder a cash commission of $51,000, for aggregate commissions totaling $319,544.
Securities issued under the second tranche of the Offering are subject to a hold period which will expire four months and one day from the date of closing, being March 19, 2015.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
About Balmoral Resources Ltd
Balmoral Resources Ltd. (
TSE:BAR) (OTCMKTS:BALMF) is a Canadian-based discovery company focused on high-grade nickel and gold discoveries on its wholly owned, 700+ square kilometre Detour Trend Project in Quebec, Canada. With a philosophy of creating value through the drill bit and a focus on proven productive precious/base metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian base metal and gold assets.
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