Balmoral Resources (TSX:BAR) has entered an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. for a bought deal, flow-through private placement for gross proceeds of $10,030,000. Proceeds will be used for further exploration of Balmoral’s Detour Gold Trend project and its other Quebec projects.

As quoted in the press release:

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.
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.

Balmoral president and CEO, Darin Wagner, said:

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. We will also be positioned to continue our aggressive exploration of the entire, 700+ square kilometre Detour Trend Project throughout 2015.

Click here to read the Balmoral Resources (TSX:BAR) press release