Quebec-focused Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF) has closed its previously announced financing , and raised over $4mln.
Upon closing the mining group issued 5.72mln flow-through common shares, at 71 cents a throw for gross proceeds of $4,061,200, it told a brief statement today.
Last month the group has revealed it had increased its previously announced placing due to strong demand. The group had entered an agreement with PI Financial Corp, which acted as lead agent for a syndicate.
"The gross proceeds from the offering will be used by the company to continue the exploration of its Detour Gold trend project located in the province of Quebec and for the exploration of other gold properties held by the company in Canada," Balmoral said today.
In consideration of the agents' services, Balmoral agreed to pay the agents a cash commission of $192,232.50.
The previously announced non-brokered offering of Quebec flow-through shares is now anticipated to close on or before September 29 this year.