Deal funds exploration of the Covas, Borralha, Vale das Gatas projects
By Devika Patel
Knoxville, Tenn., June 16 – Blackheath Resources Inc. said it increased its non-brokered private placement of units to C$1.3 million from C$1 million. The deal priced on May 22.
The company will now sell 5.2 million units of one common share and one half-share warrant at C$0.25 per unit. Each whole warrant will be exercisable at C$0.35 for two years. The strike price reflects a 16.67% premium to the May 21 closing share price of C$0.30.
Proceeds will be used for exploration of the Covas, Borralha and Vale das Gatas tungsten projects in northern Portugal and general working capital purposes.
Blackheath is a Vancouver, B.C., gold, tungsten and tin exploration company.
| Issuer: | Blackheath Resources Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$1.3 million
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| Units: | 5.2 million
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| Price: | C$0.25
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.35
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| Agent: | Non-brokered
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| Pricing date: | May 22
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| Upsized: | June 16
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| Stock symbol: | TSX Venture: BHR
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| Stock price: | C$0.30 at close May 21
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| Market capitalization: | C$6.82 million
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