November 16, 2012 08:00 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2012) - 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