Blackheath Resources Inc. (TSXV:BHR) announced that it has closed the second tranche of its previously announced non-brokered private placement.
The Company raised gross proceeds of $638,943 in two tranches through the issuance of a total of 5,324,523 units at a price of $0.12 per unit (a “Unit”). Each Unit is comprised of one common share of the Company and one non-transferable common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of $0.20 per share for a period of 24 months from the date the Warrants were issued.
Blackheath intends to expend the proceeds raised from the private placement on exploration of its past-producing tungsten projects in northern Portugal, including the Bejanca tin/tungsten project and for general working capital purposes.
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