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Blackheath Resources Inc closes over-subscribed private placement


Thursday, 23 Jan 2014 06:35pm EST 

Blackheath Resources Inc:Says that it has closed the second and final tranche of its previously announced non-brokered private placement.Says it raised gross proceeds of C$750,000 through the issuance of 3,000,000 units at a price of C$0.25 per unit.Says each unit is comprised of one common share of the Company and one-half of one non-transferable common share purchase warrant (.Says each warrant entitles the holder to purchase one additional common share of the Company at an exercise price of C$0.35 per share for a period of 24 months from the closing of the private placement.Says it closed the first tranche of C$500,000 on Dec. 31, 2013 and has raised a total of C$1,250,000 through the issue of 5,000,000 units in the combined first and second tranches. T.Says the placement of units was over-subscribed by C$250,000.Says in the second tranche, the company paid cash finders' fees totalling C$47,600 and issued a total of 120,400 finders' units, each comprised of one common share of the company and one-half of one non-transferable share purchase warrant having the same terms as the subscribers' warrants.Says it intends to expend the proceeds raised from the private placement on exploration of the Covas, Borralha and Vale das Gatas tungsten projects in northern Portugal, and for general working capital purposes. 

Company Quote

0.28
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20 Nov 2014