Balmoral Further Increases Non-Brokered Private Placement to $3.47 Million

Balmoral Further Increases Non-Brokered Private Placement to $3

VANCOUVER, British Columbia, Oct. 24, 2019 (GLOBE NEWSWIRE) — Balmoral Resources Ltd. (TSX:BAR) (“Balmoral” or the “Company“) announces that it has further increased the hard dollar unit component of its previously announced (see NR19-18, Oct. 11, 2019 and NR19-19, Oct. 16, 2019) non-brokered private placement (the “Offering”) to $1.57 million, which increases the total size of the Offering to $3.47 million. The Company has now agreed to sell up to 9,243,529 units priced at $0.17 per unit, with each unit consisting of one common share and one half (1/2) common share purchase warrant (the “Unit Offering”). Each whole warrant will entitle the holder to purchase one additional common share at a price of $0.30 for a period of 18 months from the closing of the Offering. There is no increase to the number of Quebec Flow-Through or National Flow-Through common shares to be sold under the previously announced (see NR 19-19, Oct. 16, 2019) terms of the Offering.   The gross proceeds of the Offering will be used by the Company for the exploration of the Company’s Canadian exploration properties, principally those located in the province of Quebec, and for general working capital purposes. The National and Quebec Flow-Through Offerings are now anticipated to close on or about October 25, 2019 and the Unit Offering on or before November 8, 2019.Closing of the Offering is subject to certain conditions including the receipt of regulatory approvals, such as the acceptance of the Offering by the Toronto Stock Exchange. The shares and warrants to be issued under the Offering will be subject to a four month hold period from the Closing Date under applicable securities laws in Canada.In connection with the Offering, Balmoral has engaged Laurentian Bank Securities Inc. to act as its financial advisor with respect to the Offering.  The Company may pay Finder’s Fees in accordance with the policies of the TSX in conjunction with the closing of the Offering.This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.About Balmoral Resources Ltd. – www.balmoralresources.comBalmoral is a multi-award winning Canadian-focused exploration company actively exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt. The Company’s flagship, 1,000 km2 Detour Gold Trend Project hosts the resource stage Bug and Martiniere West gold deposits and the Grasset nickel-copper-cobalt-PGE deposit. Employing a drill focused exploration style in one of the world’s preeminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through the discovery and definition of high-grade, Canadian gold and base metal assets.On behalf of the board of directors of 
“Darin Wagner”
 President and CEO
John Foulkes, Vice-President, Corporate Development
Tel: (604) 638-5815 / Toll Free: (877) 838-3664
This press release contains forward-looking statements and forward-looking information (collectively, “forward looking statements”) within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated closing date and approval of the Offering by the Toronto Stock Exchange, the existing funding of the Company being sufficient, the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, the Company’s proposed use of proceeds, business and future financing plans, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance. Important factors that could cause actual events and results to differ materially from the Company’s expectations include those related to weather, equipment and staff availability; related to the existing funding of the Company being sufficient, performance of third parties; risks related to the exploration stage of the Company’s projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company’s ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company’s ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative. All of the Company’s public disclosure filings may be accessed via and readers are urged to review these materials, including the latest technical reports filed with respect to the Company’s mineral properties.This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
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