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Balmoral Announces closing of $4.5 Million Flow-Through Private Placement

 
Jun 20, 2014 (Vancouver, June 20, 2014) - Balmoral Resources Ltd. (TSX:BAR) ("Balmoral" or the "Company") announces that it has closed the previously announced (see NR14-12 dated June 4, 2014) flow-through private placement with Canaccord Genuity Corp. (“Canaccord Genuity”). With full subscription of the over-allotment option granted to Canaccord Genuity, the Company has issued 2,580,000 flow-through common shares (the “Offered Securities”) at a price of $1.75 per flow-through common share for gross proceeds $4,515,000.
 
The proceeds raised from the Offering will be used by the Company for further exploration of its Detour Gold Trend Project and other properties located in the Province of Quebec.
 
In consideration of Canaccord Genuity’s services, the Company has agreed to pay Canaccord Genuity a cash commission of 5% of the gross proceeds of the Offering. Canaccord Genuity will also receive broker warrants (the "Broker Warrants") equal to 6% of the Offered Securities sold pursuant to the Offering. Each Broker Warrant entitles the holder to acquire one common, non-flow-through, share of the Company at a price of $1.25 until the date that is 24 months from the closing of the Offering, being June 20, 2016.
 
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.com
Balmoral is a Canadian-based discovery company focused on high-grade gold and nickel discoveries on its wholly owned, 700 square kilometre Detour Trend Project in Quebec, Canada. With a philosophy of creating value through the drill bit and a focus on proven productive precious/base metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold and base metal assets.
 
On behalf of the board of directors of 
BALMORAL RESOURCES LTD.
 
“Darin Wagner”
 President and CEO For further information contact:
John Toporowski, Manager, Corporate Development
(604) 638-5815 / Toll Free: (877) 838-3664
Email: jtoporowski@balmoralresources.com
www.balmoralresources.com

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