Balmoral Resources Closes $10 Million Private Placement

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