Business
Balmoral Announces $6.0 Million Bought Deal Private Placement of Flow-Through Common Shares
Balmoral Announces $6.0 Million Bought Deal Private Placement of Flow-Through Common Share...
About this update from Barranco Gold Mining Corp.
[{"type":"text","content":"\n\n\n\nBalmoral Announces $6.0 Million Bought Deal Private Placement of Flow-Through Common Shares\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nBalmoral Announces $6.0 Million Bought Deal Private Placement of Flow-Through Common Shares\nCanada NewsWire\nVANCOUVER, June 13, 2016\n\n\n\nNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES\n\nTSX: BAR / OTCQX: BALMF \n\n\n\nVANCOUVER, June 13, 2016 /CNW/ - Balmoral Resources Ltd. (TSX:BAR) (\"Balmoral\" or the \"Company\") is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by Canaccord Genuity Corp. and Mackie Research Capital Corporation (the \"Underwriters\"), pursuant to which the Underwriters have agreed to place 4,450,000 national flow-through common shares of the Company (the \"National FT Shares\") at a price of C$0.90 per National FT Share and 1,670,000 Quebec flow-through common shares of the Company (the \"Quebec FT Shares\") at a price of C$1.20 per Quebec FT Share for aggregate gross proceeds of C$6,009,000 (the \" Offering\"). In addition, the Company will grant the Underwriters an option (the \"Over-allotment Option\") to purchase from the Company up to an additional 1,000,000 Flow-Through Shares, in any combination of National FT Shares and/or Quebec FT Shares (the \"Over-Allotment Shares\" and together with the Flow-Through Shares, the \"Offered Securities\"), exercisable at least 48 hours prior to the Closing Date (as defined below). The average pricing of the Offering, represents a 25.0% premium to the closing price of the Company's shares on June 13, 2016. \n\nThe gross proceeds from the Offering will be used by the Company to accelerate exploration of its Detour Trend Project located in the Province of Quebec and for the exploration of other gold properties held by the Company in Canada.\n\nClosing of the Offering is anticipated to occur on or before June 30, 2016 (the \"Closing Date\"). Closing of the Offering is subject to certain conditions includ...