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Balmoral Resources Ltd Announces $5.0 Million Private Placement


Friday, 4 Oct 2013 08:55am EDT 

Balmoral Resources Ltd announced a non-brokered private placement of flow-through common shares (Flow-Through Shares) and units (Units, and together with the Flow-Through Shares, the Offered Securities) to eligible investors to raise aggregate gross proceeds of up to $5,000,000 (the Offering). The Offering will be comprised of Units at an issue price of $0.425 per Unit and/or Flow-Through-Shares at an issue price of $0.475 per Flow-Through Share, subject to a maximum of $3,000,000 in gross proceeds from the issuance of Flow-Through Shares. Each Unit will consist of one non-flow-through common share in the capital of the Company (a Common Share) and one half of one common share purchase warrant (each whole common share purchase warrant, a Warrant). Each whole Warrant shall entitle the holder thereof to purchase one additional Common Share for a period of 12 months following the closing date of the Offering (the Closing Date) at an exercise price of $0.75 per Common Share. The net proceeds raised from the Offering will be used by the Company for further exploration of its Detour Gold Trend Project and other property assets located in the Province of Quebec, for general working capital and other corporate purposes. The Offering will be completed in conjunction with the receipt of regulatory approvals, including the approval of the Toronto Stock Exchange (TSX) for the Offering. 

Company Quote

1.51
-0.08 -5.03%
11:14am EDT