Blackheath Resources Increases Private Placement to $600,000 and Closes First Tranche

Blackheath Resources Inc. (TSXV:BHR) announced has increased the size of its previously-announced private placement by $300,000 to an aggregate of $600,000. The increase will allow the Company’s largest investor to participate for a meaningful amount of the private placement.
As quoted in the press release:

The non-brokered private placement will now consist of a total of 5,000,000 units (the “Units”) at a price of $0.12 per Unit for aggregate gross proceeds of up to $600,000 (the “Private Placement”). 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 closing of the Private Placement.
The Company closed the first tranche of the Private Placement on November 4, 2015. The Company raised gross proceeds of $317,100 through the issuance of 2,642,500 Units. An aggregate of 865,000 of the Units were sold to directors and officers of the Company. The Company paid cash finders’ fees totalling $5,250 and issued 43,750 finders’ warrants, each entitling the holder to purchase one common share of the Company at a price of $0.20 per share for a period of 24 months from the closing of the first tranche of the Private Placement. All securities issued or issuable under the first tranche of the Private Placement are subject to a hold period under applicable Canadian securities laws expiring on March 30, 2016 in addition to such other restrictions as may apply under applicable securities laws outside Canada.
Closing of the second tranche of the Private Placement remains subject to receipt of all necessary regulatory approvals including acceptance from the TSX Venture Exchange. Qualified persons acting as finders in connection with the second tranche of 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 the Bejanca tin/tungsten project and for general working capital purposes.

Connect with Blackheath Resources Inc. (TSXV:BHR) to receive an Investor Kit