Blackheath Announces $1,000,000 Private Placement
VANCOUVER, BC--(Marketwired - May 22, 2014) - Blackheath Resources Inc. (TSX VENTURE: BHR)? (FRANKFURT: 04B) is pleased to announce that it plans to conduct a non-brokered private placement of up to 4,000,000 units (the "Units") at a price of $0.25 per Unit for aggregate gross proceeds of up to $1,000,000 (the "Private Placement"). Each Unit will be comprised of one common share of the Company and one half of one non-transferable common share purchase warrant (a "Warrant"). Each full Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of $0.35 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 will receive a cash commission of up to 7% of the proceeds raised from persons introduced to the Company by the finders and non-transferable units ("Finders' Units") equal to up to 7% of the number of Units sold to persons introduced to the Company by the finders. Each Finders' Unit will be comprised of one common share of the Company and one half of one non-transferable common share purchase warrant having the same terms as the subscribers' Warrants.
Blackheath intends to expend the proceeds raised from the Private Placement on exploration of its past-producing tungsten projects in northern Portugal, including Covas, Borralha and Vale das Gatas 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 the exploration and development of past-producing tungsten mines in Portugal. 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, President, CEO and Director
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 plans for the completion of a 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. The Company does not update forward-looking information, except as required by applicable laws.
For further information contact
?Vice President, Corporate Development