Private placement brokered by agents Haywood Securities, Raymond James
By Devika Patel
Knoxville, Tenn., Nov. 9 - Balmoral Resources Ltd. said it has completed a private placement of units and stock. The C$18 million deal priced for C$15 million on Sept. 7 and was increased on Sept. 21.
The company sold 24,916,600 units of one common share and one half-share warrant at C$0.60 apiece. Each whole warrant will be exercisable at C$0.94 for two years.
Balmoral Resources also sold 3,812,500 flow-through common shares at C$0.80 per share.
The deal was conducted by a syndicate led by Haywood Securities Inc. and Raymond James Ltd. and including Canaccord Genuity Corp.
Proceeds will be used for the acquisition of certain property assets, exploration and drill testing of the properties, confirmation of historic resources on the properties, debt retirement and general working capital purposes.
Balmoral is a Vancouver, B.C.-based precious metal exploration and development company.
| Issuer: | Balmoral Resources Ltd.
|
| Issue: | Flow-through common shares, units of one common share and one half-share warrant
|
| Amount: | C$17,999,960
|
| Agent: | Haywood Securities Inc. and Raymond James Ltd. (leads), Canaccord Genuity Corp.
|
| Pricing date: | Sept. 7
|
| Upsized: | Sept. 21
|
| Settlement date: | Nov. 9
|
| Stock symbol: | TSX Venture: BAR.H
|
|
|
| Units
|
| Amount: | C$14,949,960
|
| Units: | 24,916,600
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.94
|
|
|
| Flow-through shares
|
| Amount: | C$3.05 million
|
| Shares: | 3,812,500
|
| Price: | C$0.80
|
| Warrants: | No
|
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