October 4, 2013: Vancouver, BC – Balmoral Resources Ltd. (Stock Profile – TSXV:BAR & OTCQX:BALMF) announced a non-brokered private placement of flow-through common shares (“Flow-Through Shares”) and units (“Units”, and together with the Flow-Through Shares, the “Offered Securities”) to eligible investors to raise aggregate gross proceeds of up to $5,000,000 (the “Offering”).
The Offering will be comprised of Units at an issue price of $0.425 per Unit and/or Flow-Through-Shares at an issue price of $0.475 per Flow-Through Share, subject to a maximum of $3,000,000 in gross proceeds from the issuance of Flow-Through Shares.
Each Unit will consist of one non-flow-through common share in the capital of the Company (a “Common Share”) and one half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each whole Warrant shall entitle the holder thereof to purchase one additional Common Share for a period of 12 months following the closing date of the Offering (the “Closing Date”) at an exercise price of $0.75 per Common Share.
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