Balmoral Resources Ltd. (TSX:BAR)  announces that it has closed the previously announced (see news release NR19-28, dated December 16, 2019) non-brokered flow-through private placement.

Pursuant to the closing of the Offering the Company issued 8,930,000 Quebec flow-through common shares at a price of $0.51 per Quebec FT Share for gross proceeds of $4,554,300.  The Quebec FT 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 FT 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 FT Shares the Company paid cash finders fees, totaling in aggregate $200,000, to Mackie Research Capital Corporation and INFOR Financial Inc.

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.

About Balmoral Resources Ltd.

Balmoral is a multi-award winning Canadian-focused exploration company actively exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt. The Company’s flagship, 1,000 km² Detour Gold Trend Project hosts the resource stage Bug and Martiniere West gold deposits and the Grasset nickel-copper-cobalt-PGE deposit. Employing a drill focused exploration style in one of the world’s preeminent 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.