Balaton Power Inc.
Suite 206, 20257 54th Avenue
Langley, British Columbia V3A 3W2
Phone: 604.533-5075 | Fax: 604.533-5065 |
For Immediate Release
BALATON ANNOUNCES PRIVATE PLACEMENT
Langley, B.C., November 16, 2011 - BALATON POWER INC. (OTCBB:BPWRF ) ("Balaton" or the "Company"). The Company announces that it intends to undertake a non-brokered private placement of up to 6 million units at the price of $0.03 per unit for an aggregate gross proceeds of $180,000 (the "Offering"). Each unit of the Offering will consist of one common share of the Company and one common share purchase warrants of the Company. Each warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of $0.035 for a period of one year from the closing date of the Offering. Up to 3 million of the unit shares will be designated as flow-through shares (the "Flow Through Shares") for the purposes of the Income Tax Act (Canada), at a price of $0.03 per Flow Through Share. The Company may pay a finder's fee on funds raised from certain subscribers. The completion of the Offering is subject to the execution of definitive documentation with investors.
Insiders of the Company are participating in the private placement. Closing of the private placement is subject to the completion of subscription agreements with the investors.
All securities issued in connection with the private placement will be subject to a minimum four month hold period. The funds from the private placements will be used for exploration and development of the Voisey's Bay West Property in Labrador and working capital.
All figures in this announcement are represented in US Dollars.
BALATON POWER INC.
"Michael Rosa"
Michael Rosa
Director, President and Chief Executive Officer
