Balmoral Resources Ltd. (TSX:BAR) has now closed the second and final tranche of the previously announced (see NR19-04 dated March 8, 2019 and NR19-05 dated March 15, 2019) non-brokered private placement. Upon closing of the second tranche of the Offering, the Company issued 2,432,856 units at a price of $0.14 per Unit, for gross proceeds of $340,599.84. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.25 for a period of 18 months from today’s closing. Insiders of the Company purchased 290,000 Units. Aggregate gross proceeds from the first and second tranche closings of the Offering totaled $2,131,503.90.
The common shares and warrants issued in the second tranche will be subject to a four month and one day hold period from the date of closing of the second tranche of the Offering under applicable securities laws in Canada.
The net proceeds from the sale of the Units issued in the second tranche will be used for exploration of the Company’s properties, principally those in Quebec, and/or general working capital purposes.
The Company paid a total of $12,000 in administration fees upon closing of the second tranche. No Finders Fees were paid in conjunction with the closing of the second tranche of the Offering.
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.
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