By Sheri Kasprzak
New York, Sept. 2 - Balloch Resources Ltd. said it plans to raise C$17 million in a private placement.
The offering includes up to 13.6 million subscription receipts at C$1.25 each.
The receipts are exchangeable on a one-for-one basis for common shares once the company files a technical report with regard to properties, lands and concessions involved with the Kamoto joint venture assets in the Democratic Republic of Congo.
GMP Securities Ltd. and Quest Capital Corp. are the placement agents for the offering, which is scheduled to close Oct. 6.
In other news, Balloch agreed to buy a 23.33% ownership interest in Kinross Forrest Ltd. from Kinross Gold Corp. Kinross Forrest owns a 75% interest in the Kamoto joint venture. The acquisition is expected to cost C$5.45 million.
The proceeds will be used to fund the acquisition and to fund a feasibility study on the property.
Based in Toronto, Balloch is a mineral exploration company.
| Issuer: | Balloch Resources Ltd.
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| Issue: | Subscription receipts exchangeable for common shares
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| Amount: | C$17 million (maximum)
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| Receipts: | 13.6 million (maximum)
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| Price: | C$1.25
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| Warrants: | No
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| Placement agents: | GMP Securities Ltd. and Quest Capital Corp.
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| Pricing date: | Sept. 2
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| Settlement date: | Oct. 6
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| Stock price: | C$1.78 at close Sept. 2
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