Blackheath Resources Announces $2 Million Private Placement

 Blackheath Resources (TSXV:BHR) announced it is conducting a private placement of up to 5 million units for gross aggregate proceeds of $2 million. The company intends to use the proceeds on exploration of its past producing tungsten projects in northern Portugal as well as for general working capital purposes.

According to the press release:

(Blackheath) is pleased to announce that it plans to conduct a non-brokered private placement of up to 5,000,000 units (the “Units”) at a price of $0.40 per Unit for aggregate gross proceeds of up to $2,000,000 (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.

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