|
June 6, 2011 |
Balmoral Grants Stock Options |
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2011) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR) announced today that, pursuant to the provisions of its 2010 incentive stock option plan, the Board of Directors has approved the grant of incentive stock options to certain directors, officers, employees, consultants and advisors of the Company to purchase up to an aggregate of 885,000 common shares in the capital stock of the Company. The options are exercisable on or before June 6, 2016 at a price of $1.25 per share.
The Company also advises that it has retained the services of San Diego Torrey Hills Capital Inc. (Torrey Hills Capital) to provide investor relations consulting services to the Company. Torrey Hills Capital is an investor and financial public relations firm specializing in small and micro-cap companies, primarily in the natural resource sector, located in Del Mar, California and beneficially owned and controlled by Clifford Mastricola. Torrey Hills Capital will aid the Company in increasing awareness about Balmoral through its established relationships with investment professionals, investment advisors, and money managers focused on the microcap market space.
Torrey Hills Capital is an arm's length party to the Company and has advised the Company that it does not own, directly or indirectly, any securities of the Company.
Torrey Hills Capital has been engaged for a term of twelve months commencing June 15, at a monthly fee of US$7,000 and this engagement can be terminated at any time with a 10 day notice of termination. Balmoral has agreed to the granting of incentive stock options to purchase 100,000 common shares of the Company at a price of $1.25 per Common Share in favour of Torrey Hills Capital. The options shall be subject to the terms of the Company's 2010 stock option plan and will vest as to one-quarter 3 months from the date of grant, one-quarter 6 months from the date of grant, one quarter 12 months from the date of grant and the balance 18 months from the date of grant. The options granted to Torrey Hills Capital are exercisable on or before June 16, 2014 and are in addition to those granted to directors, officers, employees, consultants and advisors announced above.
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 politically favourable jurisdictions 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 resource expansion and discovery.
On behalf of the board of directors of BALMORAL RESOURCES LTD.
Darin Wagner, President and CEO
This press release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company's expectations include those related to weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of the Company's projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company's ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company's ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company's ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company's mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. | |
|
| |