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Blackheath Resources Inc. (TSXV:BHR) reported that it had closed the second tranche of its previously announced private placement for gross proceeds of $221,000. Blackheath plans to used proceeds from the private placement for exploration work at its tungsten projects in northern Portugal. The company also provided an update on its Covas Tungsten project.
As quoted in the press release:
The Company raised gross proceeds of $221,000 in the second tranche of its private placement through the issuance of 552,500 units at a price of $0.40 per unit (the “Units”). Each Unit comprises one common share of the Company and one-half of one non-transferable common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles 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 the closing of the private placement. In the second tranche, the Company paid cash finders’ fees totalling $12,000.
James Robertson, Chief Executive Officer and a director of the Company, purchased 52,500 Units in the second tranche, representing approximately 3% of the Units sold in both tranches of the private placement.
The Company closed the first tranche of $500,000 on December 17, 2014 and has raised a total of $721,000 through the issue of 1,802,500 Units in the combined first and second tranches. The Company may choose to close one or more additional tranches of the private placement to raise a total of up to $2,000,000.
Regarding work at the company’s Covas Tungsten project, Blackheath stated:
The Company is pleased to report that the Phase 3 diamond drill program on the Covas Tungsten Project has now been completed. Seventeen shallow diamond drill holes, totaling 1,337 metres were drilled in 6 different target areas: Lapa Grande, Muito Seco, Boundary, Castelo, Valdarcas and Telheira North.
The Phase 3 drill program, combined with previous drill campaigns and historic drill data, will allow Blackheath Resources to issue a National Instrument 43-101 Standards of Disclosure for Mineral Projects compliant resource at the Covas Tungsten Project. Gary Giroux P.Eng. M.A.Sc. of Giroux Consultants Ltd. and Barry Price, M.Sc., P.Geo. of B.J Price Geological Consultants Inc. are working to prepare a current resource estimate and a NI 43-101 compliant technical report.
Blackheath CEO, James Robertson, stated:
Our goal of upgrading the non-compliant historical resource to a current compliant resource is almost complete and will be released shortly.
Click here to read the Blackheath Resources Inc. (TSX:BHR) press release
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About Blackheath
“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.”