Blackheath Resources (BHR.V) has announced VP Corporate Development Alexander Langer has accepted the position of president of the company. We have known Alexander for quite a while now, and feel he’s the right person for this position.

Additionally, Blackheath has closed a private placement raising C$1.3M by issuing 5.2 million units at C$0.25/unit with each unit consisting of one share and one half of a warrant with a strike price at C$0.35, valid for two years. Two interesting new shareholders have participated in the placement, as Shining Capital II has acquired 1.5 million units of the company. Together with its existing position of 1 million shares, Shining Capital will now be a substantial shareholder of Blackheath, as it will control 12.8% of the company on a partially-diluted basis. Additionally, ShanDong Donglin has also participated in the placement, and this is very interesting as this company has some tungsten-focused investments, and it looks like ShanDong could be a long-term partner for the company.

Blackheath now has C$2M in cash and is now fully funded to complete its drill program at Borralha and to complete the NI43 reports on Covas and Borralha, where we respectively expect the historical estimate to be confirmed, and a maiden resource estimate of 8 million tonnes at 0.2% tungsten for 1.6 million MTU of tungsten.

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Disclosure: The author holds a long position in Blackheath Resources and has participated in the private placement. Blackheath also is a sponsor of the website. Please see our disclaimer for current positions.

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