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Balmoral Resources raises offering to C$4.04mln after strong demand

Earlier this month, the group unveiled plans to raise C$3mln to continue exploring its Detour Gold trend project

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The funds will be used to continue exploring its Detour Gold trend project and other properties

Quebec-focused Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF) has increased its previously announced placing due to strong demand.

Earlier this month, the group unveiled plans to raise C$3mln to continue exploring its Detour Gold trend project and other properties and entered an agreement with PI Financial Corp,  which will act as lead agent for a syndicate.

The latter will now offer 5.7mln flow-through shares at a price of 71 cents each for total gross proceeds of C$4.047mln.

The revised offering has been fully subscribed and there is no further overallotment option. It is expected to close on or before September 15 this year.

Also today, Balmoral said it will offer, for shareholders and investors in Quebec, a non-brokered private placing of up to 3.3mln shares at 90 cents each for aggregate gross proceeds of $3mln.

Quick facts: Balmoral Resources Ltd

Price: 0.165 CAD

TSX:BAR
Market: TSX
Market Cap: $24.92 m
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Balmoral Resources' Darin Wagner looking ahead to an 'exciting & busy...

Darin Wagner, chief executive and president at Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF) tells Proactive they're continuing to see more good results from recent drilling at their Detour Gold trend project in Quebec. There the Bug South deposit has now been extended to a depth of...

on 19/7/17

2 min read