Balmoral Resources (BALMF) Announces Closing of $4.5 Million Flow-Through Private Placement

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[{"type":"text","content":"Balmoral Resources (BALMF) Announces Closing of $4.5 Million Flow-Through Private Placement\nVancouver, Canada (ABN Newswire) - Balmoral Resources Ltd. (TSE:BAR) (OTCMKTS:BALMF) (\"Balmoral\" or the \"Company\") announces that it has closed the previously announced (see NR14-12 dated June 4, 2014) flow-through private placement with Canaccord Genuity Corp. (\"Canaccord Genuity\"). With full subscription of the over-allotment option granted to Canaccord Genuity, the Company has issued 2,580,000 flow-through common shares (the \"Offered Securities\") at a price of $1.75 per flow-through common share for gross proceeds $4,515,000.\nThe proceeds raised from the Offering will be used by the Company for further exploration of its Detour Gold Trend Project and other properties located in the Province of Quebec.In consideration of Canaccord Genuity's services, the Company has agreed to pay Canaccord Genuity a cash commission of 5% of the gross proceeds of the Offering. Canaccord Genuity will also receive broker warrants (the \"Broker Warrants\") equal to 6% of the Offered Securities sold pursuant to the Offering. Each Broker Warrant entitles the holder to acquire one common, non-flow-through, share of the Company at a price of $1.25 until the date that is 24 months from the closing of the Offering, being June 20, 2016.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.To view the release, please visit:http://media.abnnewswire.net/media/en/docs/77435-TSE-BAR-20140621.pdf\nAbout Balmoral Resources Ltd:Balmoral is a Canadian-based precious metal exploration and development company focused on high-grade gold discoveries along the Detour Gold Trend in Quebec, Canada. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold assets.\nSource:Balmoral ...

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