Non-brokered offering funds exploration of Detour Gold Trend Project
By Devika Patel
Knoxville, Tenn., Oct. 17 - Balmoral Resources Ltd. said it completed a C$5.45 million initial tranche of its C$6 million non-brokered private placement of stock and units. The deal priced Oct. 4 and was increased from C$5 million on Oct. 9.
The company is selling about C$3.6 million of flow-through common shares at C$0.475 apiece and about C$2.4 million of units of one common share and a half-share warrant at C$0.425 per unit. It sold 7,467,946 flow-through common shares and 4,472,788 units in the first tranche.
Each whole warrant is exercisable at C$0.75 until Oct. 17, 2014.
The price per share and warrant strike price represent 7.96% and 70.46% premiums to C$0.44, the Oct. 3 closing share price.
Settlement of the second and final tranche is expected Oct. 30.
Proceeds will be used for exploration of the Detour Gold Trend Project and other property assets located in Quebec, general working capital and other corporate purposes.
The Vancouver, B.C.-based company explores for precious metals.
| Issuer: | Balmoral Resources Ltd.
|
| Issue: | Flow-through common shares, units of one common share and a half-share warrant
|
| Amount: | C$6 million
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 4
|
| Upsized: | Oct. 9
|
| Settlement dates: | Oct. 17 (for C$5,448,209), Oct. 30
|
| Stock symbol: | Toronto: BAR
|
| Stock price: | C$0.44 at close Oct. 3
|
| Market capitalization: | C$33.92 million
|
|
|
| Shares
|
| Amount: | C$3.6 million (approximate)
|
| Price: | C$0.475
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$2.4 million (approximate)
|
| Price: | C$0.425
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Oct. 17, 2014
|
| Warrant strike price: | C$0.75
|
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