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Share Name Share Symbol Market Type
Blackheath Resources Inc TSXV:BHR TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.195 0.30 0.30 0 00:00:00

Blackheath Closes First Tranche of Private Placement

31/12/2013 6:26pm

Marketwired Canada


NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


Blackheath Resources Inc. (TSX VENTURE:BHR)(FRANKFURT:04B) (the "Company") is
pleased to announce that it has closed a first tranche of its previously
announced non-brokered private placement. The Company raised gross proceeds of
$500,000 through the issuance of 2,000,000 units at a price of $0.25 per unit.
Each unit is comprised of one common share of the Company and one-half of one
non-transferable common share purchase warrant (a "Warrant"). Each Warrant
entitles the holder to purchase one additional common share of the Company at an
exercise price of $0.35 per share for a period of 24 months from the closing of
the private placement.


The Company paid cash finders' fees totalling $9,625 and issued a total of
38,500 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.


The Company 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.


All securities issued or issuable under this tranche of the private placement
are subject to a hold period under applicable Canadian securities laws expiring
on May 2, 2014, in addition to such other restrictions as may apply under
applicable securities laws outside Canada.


About Blackheath: 

Blackheath Resources Inc. is listed on the TSX Venture Exchange, and is focused
on the exploration and development of past-producing tungsten mines in Portugal.
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. Further information about the company's
activities may be found at www.blackheathresources.com and under the company's
profile at www.sedar.com.


ON BEHALF OF THE BOARD

James Robertson, President, CEO and Director

Neither the TSX Venture Exchange nor its regulation services provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Blackheath Resources Inc.
Alexander Langer
604-684-3800
info@blackheathresources.com
www.blackheathresources.com

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