Blackheath Resources Inc. (TSXV:BHR) closed the final tranche of its non-brokered private placement of 3,000,000 units for gross proceeds of $750,000, at a price of $0.25 per unit. The placement of units was over-subscribed by $250,000.
As quoted in the press release:
Each Unit is comprised of one common share of the Company and one-half of one non-transferable common share purchase warrant (each whole 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 closed the first tranche of $500,000 on December 31, 2013 and has raised a total of $1,250,000 through the issue of 5,000,000 Units in the combined first and second tranches.