October 9, 2013: Vancouver, BC – Balmoral Resources Ltd. (Stock Profile – TSXV:BAR & OTCQX:BALMF) announced that, due to significant demand, has increased the size of its non-brokered private placement of flow-through common shares and units, initially announced on Oct. 4, 2013, from $5-million in aggregate gross proceeds to $6-million in aggregate gross proceeds. As previously indicated, the offering comprises units, at an issue price of 42.5 cents per unit, and/or flow-through-shares, at an issue price of 47.5 cents per flow-through share. All other terms and conditions of the offering remain the same.
The offering is now fully allocated with gross proceeds of approximately $3.6-million to be raised from the placement of flow-through shares and approximately $2.4-million to be raised through the placement of units. Closing of the offering is anticipated to occur on or about Oct. 16, 2013.
The net proceeds raised from the offering will be used by the company for continued exploration of its Detour gold trend project and other property assets located in the province of Quebec, for general working capital and other corporate purposes.
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