|January 23, 2015|
Blackheath Reports Progress on Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Blackheath Resources Inc. (TSXV: BHR) announces that it continues to make progress towards the completion of the previously announced non-brokered private placement of up to 5,000,000 units (the "Units") at a price of $0.40 per Unit for aggregate gross proceeds of up to $2,000,000 (the "Private Placement"). The first tranche of 1,250,000 Units has closed to raise proceeds of $500,000 and the Company is making progress towards the completion of the remainder of the private placement.
Under the terms of the private placement, each Unit will comprise one common share of the Company and one half of one non-transferable common share purchase warrant (a "Warrant"). Each full Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of $0.53 per share for a period of 30 months from closing of the Private Placement.
Qualified persons acting as finders in connection with the Private Placement may receive finders' fees in accordance with the policies of the TSX Venture Exchange. Blackheath intends to expend the proceeds raised from the Private Placement on exploration of its past-producing tungsten projects in northern Portugal, including Covas, Borralha, Bejanca, Adoria and Vale das Gatas and for general working capital purposes.
All securities issued under the Private Placement will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The Private Placement is subject to all necessary regulatory approvals including acceptance from the TSX Venture Exchange.
Blackheath Resources Inc. is listed on the TSX Venture Exchange, and is focused on tungsten exploration and development in Portugal. The Company holds the past-producing Covas, Borralha, Vale das Gatas and Adoria tungsten projects and also the Bejanca tungsten/tin project. Management of Blackheath has previous experience in tungsten mining operations in Portugal through Primary Metals Inc., the operator of the Panasqueira Tungsten Mine from 2003 to 2007. Further information about the company's activities may be found at www.blackheathresources.com and under the company's profile at www.sedar.com
ON BEHALF OF THE BOARD
James Robertson, CEO and Director
For further information please contact:
Alexander Langer at 604.684.3800 or email@example.com
Andrew Raca, VSA Capital Limited at +44 (0)20 3005 5004 or firstname.lastname@example.org
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 release.
You can view the Next News Releases item: Tue Feb 24, 2015, Blackheath Closes Second Tranche of Private Placement, Provides Update on Covas Tungsten Project
You can view the Previous News Releases item: Wed Dec 17, 2014, Blackheath Closes First Tranche of Private Placement
You can return to the main News Releases page, or press the Back button on your browser.