Balmoral Resources Ltd BALMF

Balmoral Increases Non-Brokered Private Placement to

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$2.35 Million 2019-10-16 06:03:42 PM ET (GlobeNewswire)

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Balmoral Resources Ltd. (TSX:BAR) ("Balmoral" or the "Company") announces that it has increased its previously announced (see NR19-18, Oct. 11, 2019) non-brokered private placement (the "Offering") to $2.35 million. The Offering will now consist of hard dollar units, National flow-through shares and Quebec flow-through shares (the latter previously announced). Under the terms of the Offering the Company has agreed to sell to subscribers in the province of Quebec up to 7,173,913 Quebec flow-through common shares of the Company at a price of $0.23 per Quebec flow-through common share (the "Quebec Flow-Through Offering"). The Company has also agreed to sell up to 1,315,789 National flow-through common shares at a price of $0.19 per National flow-through common share (the "National Flow-Through Offering") and 2,647,058 units priced at $0.17 per unit, with each unit consisting of one common share and one half (1/2) common share purchase warrant (the "Unit Offering"). Each whole wa rrant will entitle the holder to purchase one additional common share at a price of $0.30 for a period of 18 months from the closing of the Offering. The gross proceeds of the Offering will be used by the Company for the exploration of the Company's Canadian exploration properties, principally those located in the province of Quebec, and for general working capital purposes. The National and Quebec Flow-Through Offerings are anticipated to close on or before October 30, 2019 and the Unit Offering on or before November 8, 2019. 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 and warrants 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. In connection with the Offering, Balmoral has engaged Laurentian Bank Securities Inc. to act as its exclusive financial advisor for the Offering. The Company may pay Finder's Fees in accordance with the policies of the TSX in conjunction with 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 registration requirements of such Act. About Balmoral Resources Ltd. - www.balmoralresources.com 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 km 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. On behalf of the board of directors of BALMORAL RESOURCES LTD. "Darin Wagner" President and CEO John Foulkes, Vice-President, Corporate Development Tel: [phone] / Toll Free: [phone] E-mail: [e-mail]