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 at www.sedar.com.
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.