Toronto, Ontario--(Newsfile Corp. - February 3, 2020) - Eric Sprott announces that, today, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired ownership of 1,000,000 common shares of Balmoral Resources Ltd. over the Toronto Stock Exchange (representing approximately 0.56% of the outstanding shares on a non-diluted basis) at $0.47 per share for aggregate consideration of approximately $466,000.

Mr. Sprott now beneficially owns and controls 16,130,353 shares and 2,941,176 warrants (representing approximately 9.1% on a non-diluted basis and 10.54% on a partially diluted basis assuming exercise of such warrants). Prior to this acquisition, Mr. Sprott beneficially owned and controlled 15,130,353 shares and 2,941,176 warrants (representing approximately 8.5% on a non-diluted basis and 9.99% on a partially diluted basis).

The shares were acquired by Mr. Sprott, through 2176423 Ontario for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Balmoral Resources including on the open market or through private acquisitions or sell securities of Balmoral Resources including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Balmoral Resources is located at Suite 1750-700 West Pender St, Vancouver, British Columbia, V6C 1G8. A copy of 2176423 Ontario's early warning report will appear on Balmoral Resource's profile on SEDAR at www.sedar.com may also be obtained by calling Mr. Sprott's office (416) 362-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52072