VANCOUVER, July 18, 2012 /CNW/ - Heatherdale Resources Ltd.
("Heatherdale" or the "Company") (TSXV: HTR) announces that it has
completed the previously announced $4.4 million non-brokered private
placement financing with Rathdowney Resources Ltd. ("Rathdowney"), of
22,000,000 common shares at a price of $0.20 per share, for aggregate
proceeds of $4.4 million. The common shares are subject to a four
month and a day hold period beginning July 17, 2012. No finder's fees
were payable on the financing.
The proceeds will be used to advance drilling and engineering studies at
the Niblack Project and for general corporate and working capital
purposes. Rathdowney now owns 18.4% of the issued voting shares of
Heatherdale and in an early warning report filing made today Rathdowney
confirmed that the purchase of these shares was made by it for
investment purposes and not with a view to influencing control or
management of Heatherdale.
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, the
Company increased its interest in the Niblack Project to 100%.
Heatherdale has also conducted extensive drilling at the site,
outlining significant mineral resources in two of the six known
deposits that laid the foundation for engineering studies. The
Company's 2012 program is designed to further expand mineral resources
to take the project into the pre-feasibility stage.
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 potential
to expand resources 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
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.