Balmoral Resources Ltd BALMF

GREAT NEWS $$$$$$$$$$$$$$$$$$

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Vancouver, December 16, 2019) - Balmoral Resources Ltd. (TSX:BAR) ( Balmoral or the Company) announces that it has arranged an approximately $4.55 million dollar non-brokered flow-through private placement (the Offering). Under the terms of the Offering the Company has agreed to sell 8,930,000 Quebec flow-through common shares of the Company at a price of $0.51 per Quebec flow-through common share. The gross proceeds of the Offering will be used by the Company to incur eligible Canadian exploration expenses (as defined in the Income Tax Act (Canada)) and qualifying expenditures under the Taxation Act (Quebec) through the exploration of the Companys properties located in the province of Quebec. The Offering is anticipated to close on or about December 27, 2019 (the Closing Date). Closing of the Offering is subject to certain conditions including the receipt of regulatory approvals, such as the acceptance of the Offering by the Toronto Stock Exchange. The shares to be issued under the Offering will be subject to a four month hold period from the Closing Date under applicable securities laws in Canada.