|June 30, 2016|
Blackheath Closes Second Tranche of 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 $700,000 in two tranches through the issuance of 7,000,000 units at a price of $0.10 per unit (the "Units"). Each Unit is comprised of one common share of the Company and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant entitles 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.
Management and Insiders of the Company subscribed for 1,845,000 Units in 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 or issuable under this tranche of the private placement are subject to a hold period under applicable Canadian securities laws expiring on October 30, 2016, in addition to such other restrictions as may apply under applicable securities laws outside Canada.
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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