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Balmoral Resources unveils plans to raise $3mln to continue exploration in Quebec

The group has entered an agreement with PI Financial Corp, which will act as lead agent
Balmoral Resources unveils plans to raise $3mln to continue exploration in Quebec
Balmoral announced plans to raise around C$3mln

Quebec-focused Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF) announced plans to raise C$3mln through a private placing to continue exploring its Detour Gold trend project and other properties.

It has entered an agreement with PI Financial Corp, which will act as lead agent for a syndicate, and will offer 4.225mln flow-through shares  at 71 cents each for total gross proceeds of $2.999mln

Balmoral shares are currently changing hands in Toronto for 64 Canadian cents.

At the end of last month, the group said that drilling had started again on its Detour Gold trend project.

The firm plans a minimum of 20,000 metres of drilling during the summer/fall program, bringing the 2017 drill program to 35,000 metres, it said.

The work will continue to focus on the expansion and delineation of the Bug Lake gold deposits and further evaluation of several recent near-surface gold discoveries within the broader Martiniere gold system.

Martiniere is just one of several large, highly prospective properties comprising the company's wholly owned, 1,000 sq km Detour gold trend project.

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