Balmoral Announces Closing of First Tranche of Private Placement for Gross Proceeds of $1.8 Million

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VANCOUVER, British Columbia, March 15, 2019 (GLOBE NEWSWIRE) -- Balmoral Resources Ltd. (TSX:BAR) (OTCQX: BALMF) ("" or the "") announces that it has closed the first tranche of the previously announced (see NR19-04 dated March 8, 2019) non-brokered private placement (the ). Upon closing of the first tranche of the Offering, the Company issued 7,823,180 flow-through common shares (the ), at a price of $0.19 per Flow Through Share, for gross proceeds of $1,486,404 and 2,174,999 units (the ), at a price of $0.14 per Unit, for gross proceeds of $304,499.86, where each Unit consists of one common share and one-half (1/2) of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.25 for a period of 18 months from today’s closing. The Flow-Through Shares and the common shares and warrants issued as part of the Units will be subject to a four month and one day hold period from the date of closing of the first tranche of the Offering under applicable securities laws in Canada.

As previously announced the Company anticipates that the second and final tranche of the Offering will close on or about April 11, 2019.

The gross proceeds from the sale of the Flow-Through Shares will be used for the exploration of the Company’s Canadian exploration properties, specifically those located in the province of Quebec, and the net proceeds from the sale of the Units will be used for additional exploration and/or general working capital purposes.

In consideration of their assistance with the Offering the Company has agreed to pay to certain Finders cash fees totaling $73,370.22 and to issue 386,158 common share purchase warrants (the ). Each Finders Warrants will entitle the holder to purchase one common share of the Company at a price of $0.25 for a period of 18 months from today’s closing. The Company also paid a total of $17,000 in legal and administration fees upon closing.

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.

Balmoral is a multi-award winning Canadian-focused exploration company actively exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt. The Company’s flagship, 1,000 km Detour Gold Trend Project hosts the resource stage Bug and Martiniere West gold deposits and the Grasset nickel-copper-cobalt-PGE deposit. Employing a drill focused exploration style in one of the world’s preeminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through the discovery and definition of high-grade, Canadian gold and base metal assets.

On behalf of the board of directors of 

For further information, contact:John Foulkes, Vice-President, Corporate Development Tel: (604) 638-5815 / Toll Free: (877) 838-3664 E-mail:

More news and information about Balmoral Resources Ltd.

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Globe Newswire: 21:00 GMT Friday 15th March 2019

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