Deal funds exploration of the Covas, Borralha, Vale das Gatas projects
By Devika Patel
Knoxville, Tenn., Jan. 23 - Blackheath Resources Inc. said it took in C$750,000 in the second and final tranche of a C$1.25 million non-brokered private placement of units. The oversubscribed deal priced for C$1 million Dec. 20 and raised C$500,000 on Dec. 31.
The company sold 5 million units of one common share and one half-share warrant at C$0.25 per unit. It sold 2 million units in the first tranche and 3 million units in the second.
Each whole warrant is exercisable at C$0.35 for two years. The strike price reflects a 16.67% premium to the Dec. 19 closing share price of C$0.30.
Proceeds will be used for exploration of the Covas, Borralha and Vale das Gatas tungsten projects in northern Portugal and general working capital purposes.
Blackheath is a Vancouver, B.C., gold, tungsten and tin exploration company.
| Issuer: | Blackheath Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.25 million
|
| Units: | 5 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 20
|
| Settlement dates: | Dec. 31 (for C$500,000), Jan. 23 (for C$750,000)
|
| Stock symbol: | TSX Venture: BHR
|
| Stock price: | C$0.30 at close Dec. 19
|
| Market capitalization: | C$5.3 million
|
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