Blackheath Resources Inc Closes Over-Subscribed Private Placement

Blackheath Resources Inc announced that it has closed its previously announced non-brokered private placement. The Company raised gross proceeds of $1,708,000 through the issuance of 4,880,000 units at a price of $0.35 per unit. Each unit is comprised of one common share of the Company and one non-transferable common share purchase warrant Each Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.50 per share for a period of 36 months from the closing of the private placement. The Company paid cash finders' fees totalling $74,480 and issued 212,800 non-transferable finders' units, each comprised of one common share and one non-transferable share purchase warrant having the same terms as the subscribers' Warrants. The Company intends to expend the proceeds raised from the private placement on exploration of the Covas, Borralha and Bejanca tungsten projects in northern Portugal and for general working capital purposes.