On June 30, 2016, Balmoral Resources Ltd. (TSX: BAR) announced that it had closed the previously announced flow-through private placement, including full exercise of the over-allotment option, with a syndicate of underwriters co-led by Canaccord Genuity Corp. and Mackie Research Capital Corporation and including GMP Securities LP.
Upon closing Balmoral issued 4,714,163 National flow-through common shares at a price of $0.90 per share, and 2,405,837 Quebec flow-through common shares at a price of $1.20 per share, for aggregate gross proceeds of $7,129,751.
Balmoral is a well-funded, Canadian-based company actively delineating and expanding the high-grade Bug Lake Gold Trend on its wholly owned, 700 square kilometre Detour Trend Project in Quebec, Canada.
Miller Thomson advised the underwriters with respect to this transaction with a team that included Dwight Dee and Erika Lai (securities) and Nathalie Marchand (tax).
