Balmoral Announces Closing of $7.1 Million Bought Deal Private Placement of Flow-Through Common Shares

VANCOUVER, BC--(Marketwired - June 30, 2016) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Balmoral Resources Ltd. (TSX: BAR) (OTCQX: BALMF) ("Balmoral" or the "Company") announces that it has closed the previously announced (see NR16-11 dated June 13, 2016) 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 (the "Underwriters"). Upon closing the Company issued 4,714,163 National flow-through common shares, (the "National FT Shares") at a price of C$0.90 per National FT Share, and 2,405,837 Quebec flow-through common shares (the "Quebec FT Shares") at a price of C$1.20 per Quebec FT Share, for aggregate gross proceeds of C$7,129,751 (the " Offering"). The flow-through common shares issued will be subject to a four month and one day hold period from the date of closing of the Offering under applicable securities laws in Canada.

The gross proceeds from the Offering will be used by the Company to accelerate exploration of its Detour Trend Project located in the Province of Quebec and for the exploration of other gold properties held by the Company in Canada.

In consideration of the Underwriters' services, the Company has agreed to pay the Underwriters a cash commission of 6.0% of the gross proceeds of the Offering.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.

About Balmoral Resources Ltd. -- www.balmoralresources.com

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. The Detour Trend Project also hosts Balmoral's Grasset Ni-Cu-Co-PGE deposit as well as numerous other gold and base metal occurrences. Employing an award winning exploration team, Balmoral has a philosophy of creating value through the drill bit. By focusing our efforts in proven productive precious/base metal belts in one of the world's pre-eminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold and base metal assets.