Balmoral Obtains Final Court Order Approving Plan of Arrangement

VANCOUVER, British Columbia, May 13, 2020 (GLOBE NEWSWIRE) -- Balmoral Resources Ltd. (TSX:BAR; OTCQX:BALMF) (“Balmoral”) announces that it has obtained the final order from the Supreme Court of British Columbia approving the previously announced plan of arrangement with Wallbridge Mining Company Limited (“Wallbridge”) pursuant to which Wallbridge has agreed to acquire all of the issued and outstanding shares of Balmoral (the “Balmoral Shares”) in exchange for consideration of 0.71 of a common share of Wallbridge for each Balmoral Share (the “Transaction”), as described in Balmoral’s information circular dated March 27, 2020 (the “Circular”).

It is currently anticipated that the Transaction will close on May 22, 2020, subject to the satisfaction and/or waiver of all conditions precedent. The Balmoral Shares will be delisted from trading on the Toronto Stock Exchange on or around May 25, 2020.

About Balmoral Resources Ltd.

Balmoral is a multi-award winning Canadian-focused exploration company actively exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt. The Company’s flagship Detour Gold Trend Project hosts the resource-stage Bug and Martiniere West gold deposits, the Grasset nickel-copper-cobalt-PGE deposit and a series of new gold discoveries which form part of the recently discovered Area 51 gold system. Employing a drill-focused exploration style in one of the world’s preeminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through the discovery and definition of high-grade, Canadian gold and base metal assets.

For further information shareholders with questions should contact:

Darin Wagner, P. Geo., M.Sc. President and CEO,
Tel: [phone]
Email: [e-mail]

John Foulkes, B.Sc., B.Ed., Vice-President Corporate Development
Tel: [phone]
Email: [e-mail]

The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.

This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Balmoral with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and include information regarding: (i) expectations regarding whether the Transaction will be consummated, including whether conditions to the consummation of the Transaction will be satisfied, or the timing for completing the Transaction, (ii) expectations regarding the potential benefits and synergies of the Transaction and the ability of the combined company to successfully achieve business objectives, including integrating the companies or the effects of unexpected costs, liabilities or delays, (iii) expectations regarding additions to mineral resources and reserves and future production, (iv) expectations regarding financial strength, free cash flow generation, trading liquidity, and capital markets profile, (v) expectations regarding future exploration and development, growth potential for Wallbridge’s and Balmoral’s operations, (vi) the availability of the exemption under Section 3(a)(10) of the U.S. Securities Act to the securities issuable in the Transaction, (vii) statements regarding the various global scale uncertainties associated with the COVID-19 pandemic and its effect on any or all of the above, and (viii) expectations for other economic, business, and/or competitive factors.