|July 19, 2017|
Blackheath Closes Oversubscribed Private Placement and Appointment of David Rokoss to the Board of Directors
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 previously announced non-brokered private placement. The Company raised gross proceeds of $362,000 through the issuance of 7,240,000 units at a price of $0.05 per unit (the "Units"). Each Unit comprises 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 $0.10 per share for a period of 36 months from closing of the private placement. The warrants are subject to an acceleration provision such that if the closing price of the Company's shares for 10 consecutive trading days is $0.18 or greater, the Company may give notice to the holders that the warrants will expire 30 calendar days after such notice.
Management and Insiders of the Company subscribed for 1,200,000 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 November 20, 2017, in addition to such other restrictions as may apply under applicable securities laws outside Canada.
Blackheath Resources is also pleased to announce the appointment of David Rokoss to the Board of Directors of the Company. Mr. Rokoss has a twenty year career as an entrepreneur and consultant, working with a variety of private and publicly listed companies focusing on concept development, finance and operational management. For the last decade, he has consulted with numerous early stage companies across the mining, retail, clean tech, energy and technology sectors, focusing on business and corporate development opportunities.
During this period, he worked with the banking team at Kyoto Planet Capital Partners, a private fund established to find, fund and foster early stage companies. He has considerable experience in local and cross-border mergers, corporate acquisitions and compliance issues, having worked with companies in multiple jurisdictions including those publicly trading in Canada, the United States and Germany.
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 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.
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