Blackheath Resources Inc. Reports Progress on Private Placement
Under the terms of the private placement, each Unit will comprise 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 $0.53 per share for a period of 30 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 exploration of its past-producing tungsten projects in northern Portugal, including Covas, Borralha, Bejanca, Adoria 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 tungsten exploration and development in Portugal. The Company holds the past-producing Covas, Borralha, Vale das Gatas and Adoria 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
James Robertson, 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.
Not for Distribution to United States Wire Services or for Dissemination in the United States
For further information please contact:
Blackheath Resources Inc.
VSA Capital Limited
+44 (0)20 3005 5004