RE: NR Balaton increases placement to $850,000 (U.S.)
2012-01-10 18:36 ET - News Release
Mr. Michael Rosa reports
BALATON ANNOUNCES PRIVATE PLACEMENT
Further to Balaton Power Inc.'s news release of Nov. 16, 2011, it has increased its announced non-brokered private placement from six million units to 34 million units and amended the price from three cents per unit to 2.5 cents per unit, for total gross proceeds of $850,000. Each unit of the offering will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share of the company at an exercise price of 3.5 cents for a period of 18 months from the closing date of the offering. Up to eight million of the unit shares may be designated as flow-through shares for the purposes of the Income Tax Act (Canada).
All securities issued pursuant to the offering will be subject to a minimum four-month hold period. The proceeds of the offering will be used for exploration and development of the Voisey's Bay West property in Labrador and for working capital.
All figures in this announcement are represented in U.S. dollars.
Michael Rosa