announcement

STRATEGIC SINGAPOREAN INVESTOR MOVES TO 19% STAKE IN BALAMARA THROUGH FINAL $1.87M PLACEMENT
Funds to be used to progress drilling programs in Montenegro and Poland
Balamara Resources Limited (ASX: BMB) (“Balamara” or the “Company”) is pleased to advise that its strategic cornerstone Singapore-based investor has completed the final tranche of a $2.97 million investment in the Company as announced in August 2012, injecting a further $1.87 million into Balamara at 11 cents for 17 million shares.
This latest investment by Ample Skill Limited will see it lift its holding in Balamara to 19.28%, representing a strong vote of confidence in the Company’s ongoing development.
The additional funds will be used for working capital purposes, in particular the completion of the resource drilling programme at the Brskovo deposit within the 100%-owned Monty Zinc-Silver Project in Montenegro, as well as the second stage of drilling due to start in the early New Year at its 85%-owned Bogdan Copper-Silver Project.
The share placement reflects the major investor’s continued support for Balamara’s strategic direction and his positive view of the growth potential of the Company, based on the Central European assets as well as its participation in the final round of the tender process for the Togo Phosphate Project.
Balamara’s Managing Director, Mike Ralston, said: “The Company is fortunate to have the ongoing support of a very influential long-term investor, which has allowed Balamara to get on with acquisitions and exploration to advance asset values.
We will continue to focus on the delivery of our development strategy for long term growth within Balamara knowing that we have funds in place to complete the work as planned.”
-ENDS-