Balmoral Receives $6,578,655 From Warrant Exercises
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/16/12 -- Balmoral Resources Ltd. (TSX VENTURE: BAR)(OTCQX: BALMF) ("Balmoral" or the "Company") reported today that the Company received a total of $6,578,655.80 from the exercise of share purchase warrants which expired on November 9, 2012. Of the total above, $5,067,916.94 has been received by the Company since September 21, 2012. The warrants in question were issued as part of Balmoral's initial financing completed in November of 2010.
With receipts from the warrant exercises, as at November 16, 2012, Balmoral has working capital of $19 million, which includes $14.6 million in cash. The Company has 84,507,289 shares issued and outstanding and, on a fully diluted basis, would have 88,700,289 shares issued.
"Balmoral is now in a stronger financial position than it has been at any time during its brief history," said Darin Wagner, President and CEO. "Our cash on hand will allow us to continue aggressive expansion of our high-grade gold discoveries at Martiniere, and exploration throughout our district scale land holdings along the Detour Gold Trend in Quebec, through 2013. We thank those investors who demonstrated their support by exercising their warrants despite what are clearly challenging market conditions."
About Balmoral Resources Ltd. - www.balmoralresources.com
Balmoral is a Vancouver-based precious metal exploration and development company focused on district scale gold opportunities in North America. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery.
On behalf of the board of directors of BALMORAL RESOURCES LTD.
Darin Wagner, President and CEO
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 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, and business and financing plans and trends, 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, and 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, and that actual results may differ materially from those in forward-looking statements. 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; 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 www.sedar.com 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contacts:
Balmoral Resources Ltd.
John Toporowski
Manager, Corporate Development
(604) 638-5815 / Toll Free: (877) 838-3664
(604) 648-8809 (FAX)
jtoporowski@balmoralresources.com
www.balmoralresources.com