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Barranco Gold Mining Corp.
Balmoral Resources Ltd. (TSX:BAR) Announces $10,030,000 Million Bought Deal, Flow-Through Private Placement
Published Oct 15 2014
4 min read

Balmoral Resources Ltd. (TSX:BAR) Announces $10,030,000 Million Bought Deal, Flow-Through Private Placement

Balmoral Resources Ltd. (TSX:BAR) Announces $10,030,000 Million Bought Deal, Flow-Through Private Placement

Vancouver, Canada (ABN Newswire) - Balmoral Resources Ltd. (TSE:BAR) (OTCMKTS:BALMF) ("Balmoral" or the "Company") announces that it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. (the "Underwriters"), pursuant to which the Underwriters will purchase, 5,900,000 flow-through common shares of the Company (the "Flow-Through Shares") at a price of $1.70 per Flow-Through Share on a bought deal private placement basis for gross proceeds of $10,030,000 (the "Offering"). The Company has also granted the Underwriters an option to purchase from the Company up to an additional 885,000 Flow-Through Shares (the "Over-Allotment Shares" and together with the Flow-Through Shares, the "Offered Securities") through the Offering at a price of $1.70 per Over-Allotment Share, exercisable at least 48 hours prior to the closing date of the Offering.

The 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.

"The financing announced today will allow us to accelerate on-going exploration and delineation of our Grasset Ni-Cu-PGE discovery and Martiniere gold system in Quebec" said Darin Wagner, President and CEO of Balmoral. "We will also be positioned to continue our aggressive exploration of the entire, 700+ square kilometre Detour Trend Project throughout 2015."

Closing of the Offering is anticipated to occur on or before November 6, 2014. Closing of the Offering is subject to receipt of regulatory approvals, including the acceptance of the Offering by the Toronto Stock Exchange ("TSX"). The Offered Securities will be subject to a four month hold period under applicable securities laws in Canada.

In consideration of the Underwriters' services, the Company has agreed to pay the Underwriters a cash commission of 5.0% of the gross proceeds of the Offering. The Underwriters will also receive broker warrants (the "Broker Warrants") equal to 4.0% 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 $1.45 until the date that is 12 months from 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.



About Balmoral Resources Ltd:

Balmoral Resources Ltd. (TSE:BAR) (OTCMKTS:BALMF) is a Vancouver-based precious metal exploration and development company focused on delineation of both high-grade gold and nickel-copper-PGE discoveries on its wholly owned Detour Gold Trend Project located 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 the discovery and definition of high-grade gold and base metal assets.



Source:

Balmoral Resources Ltd