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.