|November 24, 2015|
Blackheath Closes Second Tranche of Over-Subscribed Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Blackheath Resources Inc. (TSXV: BHR) (the "Company") is pleased to announce that it has closed the second tranche of its previously announced non-brokered private placement. The Company raised gross proceeds of $638,943 in two tranches through the issuance of a total of 5,324,523 units at a price of $0.12 per unit (a "Unit"). Each Unit is comprised of one common share of the Company and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of $0.20 per share for a period of 24 months from the date the Warrants were issued.
Management and Insiders of the Company subscribed for 2,125,000 Units in the second tranche of the private placement.
The Company paid, in the second tranche of the private placement, cash finders' fees totalling $16,836 and issued 140,300 finders' warrants, each entitling the holder to purchase one common share of the Company at a price of $0.20 per share for a period of 24 months from the date the finders' warrants are issued. All securities issued or issuable are subject to a hold period under applicable Canadian securities laws. The hold period on securities issued in the first tranche of the private placement will expire on March 5, 2016 and the hold period on securities issued in the second tranche of the private placement expire on March 25, 2016.
Blackheath intends to expend the proceeds raised from the private placement on exploration of its past-producing tungsten projects in northern Portugal, including the Bejanca tin/tungsten project and for general working capital purposes.
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 and Vale das Gatas 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, President, at 604.684.3800 or email@example.com
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.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding use of the proceeds of the private placement financing and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include market prices, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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