Blackheath Resources Closes First Tranche of Private Placement

Blackheath Resources (TSXV:BHR) has closed the first tranche of its previously announced non-brokered private placement. The company also noted that ShanDong DongLin Investment Co is now a significant shareholder, having acquired 1.25 million units of Blackheath in connection with the private placement.

As quoted in the press release:

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.

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