Balmoral Announces Closing of $2.0 Million Private Placement of Common Shares
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
(Vancouver, October 10, 2017) – Balmoral Resources Ltd. (TSX:BAR) (“Balmoral” or the “Company”) announces that it has closed the previously announced (see NR17-17 dated September 29th, 2017) non-brokered common share private placement with four institutional investors located in Province of Quebec. Upon closing the Company issued 3,448,276 common shares (the “Common Share Offering”) at a price of C$0.58 per common share (the “Common Shares”) for gross proceeds of $2,000,000.08. The common shares issued will be subject to a four month and one day hold period from the date of closing of the Common Share Offering under applicable securities laws in Canada.
The net proceeds from the Common Share Offering will be used by the Company to further continue its exploration of the Detour Gold Trend Project in Quebec and for general working capital purposes.
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 well-funded, Canadian-based company actively delineating and expanding numerous gold deposits and discoveries within the Martiniere gold system on its 1,000 square kilometre Detour Gold Trend Project in Quebec, Canada. The Detour Gold Trend Project also hosts Balmoral’s Grasset Ni-Cu-Co-PGE deposit as well as numerous other gold and base metal occurrences. Employing an award winning exploration team, Balmoral has a philosophy of creating value through the drill bit. By focusing our efforts in proven productive precious/base metal belts in one of the world’s pre-eminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold and base metal assets.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
President and CEO
John Foulkes, Vice-President, Corporate Development
Tel: (604) 638-5815 / Toll Free: (877) 838-3664