Balmoral Resources will raise $10M in a flow through financing from 5.9M shares. According to the company’s latest presentation, it had $8.5M in working capital. Accounting for the exercise of 1.2M options and this financing results in an estimated 110M shares outstanding and working capital of ~$19.4M for the company.
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.
“The financing announced today will allow us to accelerate on-going exploration and delineation of our Grasset Ni-Cu-PGE discovery and Martiniere gold system in Quebec” said Darin Wagner, President and CEO of Balmoral. “We will also be positioned to continue our aggressive exploration of the entire, 700+ square kilometre Detour Trend Project throughout 2015.”