|June 01, 2016|
Blackheath Increases Size of Private Placement to $700,000
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Blackheath Resources Inc. (TSXV: BHR) is pleased to announce that it has increased its previously announced non-brokered private placement financing (see news release dated May 5, 2016) to $700,000 (the "Private Placement").
The Private Placement will now consist of up to 7,000,000 units (the "Units") at a price of $0.10 per Unit for aggregate gross proceeds of up to $700,000. Each Unit will comprise 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 $0.18 per share for a period of 24 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 further exploration of its past-producing tungsten projects in northern Portugal 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 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
Alexander Langer, President & CEO
For further information please contact Investor Relations, 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.
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