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TSXV: BAR March 21, 2011
For Immediate Release NR11-05
BALMORAL ANNOUNCES $2.0 MILLION FLOW-THROUGH PRIVATE PLACEMENT
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION THROUGH U.S. NEWSWIRE SERVICES
(Vancouver, March 21, 2011) Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSXV: BAR)
announces that it has entered into an agreement with Casimir Capital Ltd. (the “Agent"), under which
the Agent has agreed to offer $2,000,000 in securities of the Company, on a “commercially best
efforts” flow-through private placement basis (the “Offering”). The Offering will consist of 956,938
flow-through common shares of the Company at a price of $2.09 per flow-through common share.
The share price of the Offering represents a 66.7% premium to the 21 day average trading price of
Balmoral’s common shares for the period preceding the signing of the agreement. Prior to closing, the
Agent will, with the consent of the Company, have the option to increase the proceeds raised under
the private placement to a maximum of $3,600,000.
The proceeds raised from the Offering will be used to continue the exploration of the Company’s gold
projects, including the Fenelon, Martiniere and Detour East Projects, located in the province of
Quebec. Closing of the Offering is anticipated to occur on or before April 11, 2011. Closing of the
Offering is subject to receipt of regulatory approvals, including the approval of the TSXV for the
Offering, and the entering into by the Company and the Agent of a definitive agency agreement. The
securities issued will be subject to a four month hold period under applicable securities laws in
Canada.
In consideration of the Agent’s services, the Company has agreed to pay the Agent a cash commission
of 6% of the gross proceeds of the Offering. The Agent will also receive broker warrants (the “Broker
Warrants”) equal to 6% of the shares sold pursuant to the Offering. Each Broker Warrant entitles the
holder to acquire one common share of the Company at a price of $1.90 until the date that is twelve
months from the closing 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