VANCOUVER, July 9, 2012 /CNW/ - Heatherdale Resources Ltd.
("Heatherdale" or the "Company") (TSX Venture: HTR) announces that it
has arranged a $4.4 million private placement financing with Rathdowney
Resources Ltd. ("Rathdowney"), whereby Heatherdale will issue
22,000,000 common shares to Rathdowney at a price of $0.20 per share.
The issuance is subject to final approval by the TSX Venture Exchange.
Rathdowney is a public company that has certain directors in common with
Heatherdale. On completion of the financing, Rathdowney will own
approximately 18.4% of Heatherdale's shares. Under the terms of the
transaction, Rathdowney will also have the right to nominate two
individuals for election to Heatherdale's board of directors for so
long as it retains at least a 10% interest in Heatherdale.
The proceeds will be used to advance drilling and engineering studies at
the Niblack Project and for general corporate and working capital
Heatherdale Resources Ltd. is a Vancouver-based exploration and
development company focused on advancing two Alaska-based assets, the
100%-owned high-grade mine development opportunity at the Niblack
copper-gold-zinc-silver project and the mid-stage Delta
copper-lead-zinc-gold-silver project in which it holds a 60% interest.
Heatherdale has undertaken various corporate transactions and active
exploration programs over the past three years, which it believes have
added significant value to both projects. Earlier this year,
Heatherdale increased its interest in the Niblack Project to 100%. It
has also conducted extensive drilling at site, outlining significant
mineral resources in two of the six known deposits which laid the
foundation for engineering and scoping studies. The Company's 2012
program is designed to further expand the mineral resources to take the
project into the pre-feasibility stage by the end of the year.
At Delta, Heatherdale initiated surface evaluation and drilling in 2011,
enhancing the resource potential at the Mid Zone and the overall
potential of the project.
On behalf of the Board of Directors
President and Chief Executive Officer
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.
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address exploration drilling,
exploitation activities and events or developments that the Company
expects, are forward looking statements. Although the Company believes
the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially
from those in the forward-looking statements. Factors that could cause
actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration
successes or failures, uncertainties concerning the continuity of
mineralization, uncertainties related to the ability to obtain
necessary permits, licenses and title and delays due to third party
opposition, changes in government policies regarding mining and natural
resource exploration and exploitation, continued availability of
capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments may
differ materially from those projected in the forward-looking
statements. For more information on the Company, investors should
review the Company's continuous disclosure filings that are available
SOURCE Heatherdale Resources Ltd.
For further information:
For additional details on Heatherdale, please visit the Company's website at www.heatherdaleresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.