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Balmoral Resources (TSX:BAR) has closed its previously announced private placement of flow-through common shares at a price of $1.70 per share for gross proceeds of $10,030,000. Proceeds will be used for further exploration of its Detour Gold Trend project and its other Quebec properties.
Balmoral Resources (TSX:BAR) has closed its previously announced private placement of flow-through common shares at a price of $1.70 per share for gross proceeds of $10,030,000. Proceeds will be used for further exploration of its Detour Gold Trend project and its other Quebec properties.
As quoted in the press release:
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.
Click here to read the Balmoral Resources (TSX:BAR) press release