Balmoral Resources closes Fall 2019 non-brokered private placements, including strategic investment from Mr. Eric Sprott

25 October 2019

On Oct. 25 and Nov. 8, 2019, Balmoral Resources Ltd. (TSX: BAR) closed the first and second tranches of its Fall 2019 non-brokered private placements of flow-through shares and non-flow-through units for aggregate gross proceeds of $3,491,396.86.

At the first tranche closing, Balmoral issued Quebec flow-through common shares for gross proceeds of $1,650,000 and National flow-through common shares for gross proceeds of $250,000. At the second tranche closing, Balmoral issued non-flow-through units for gross proceeds of $1,591,396.86. In connection with the private placement of units, Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially controlled by him, purchased 5,882,353 units.

Balmoral is a Canadian-focused exploration company actively exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt.

Gowling WLG advised Balmoral with a team that included Daniel Allen, Brett Kagetsu and Raymond Ong (corporate/securities) and Brent Kerr and Daniel Lacelle (tax).

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