Company Announcement: Major shareholder to boost holding in Balamara to 19.9%
Balamara Resources Limited is pleased to advise that its major shareholder, Ample Skill Limited, has confirmed its continued support for the Company, committing to a further share placement to underpin Balamara’s continued exploration activities. The placement comprises 5.5 million shares at 11 cents per share to raise $605,000, before costs. Due to a small share placement completed in late 2012 as well as the issue of shares for the acquisition of the Varesh Project, Ample Skill’s relevant interest in Balamara had been diluted to approximately 17.7%. Following completion of this current share placement, Ample Skill will emerge with a holding of approximately 19.9% on a fully dilutive basis inclusive of options held. Both parties have signed a legally binding agreement to complete the placement by the end of March to allow for cash flow management. Balamara does not require any immediate funding and the primary objective of the placement is to secure long-term support from a valuable partner who has provided a strong level of strategic support for Balamara.
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