VANCOUVER, April 7, 2014 /CNW/ - Heatherdale Resources Ltd. ("Heatherdale" or the "Company") (TSXV:HTR) announces a proposed private placement of approximately 14.3 million units in its capital at a price of $0.07 per unit for gross proceeds of approximately $1 million. Each unit will consist of one common share and one warrant, with each warrant exercisable to purchase an additional common share at a price of $0.10 for three years from the closing of the financing, which is expected on or about April 15, 2014. The securities issued will be subject to a four month hold period under Canadian securities laws. A 6% fee will be paid on a portion of the proceeds. The financing is subject to regulatory approval.
Proceeds from the financing will be used to advance drill target generation at the Niblack Project's Dama zone and for working capital purposes.
About Niblack
The Niblack Project is located on tidewater near Ketchikan on Prince of Wales Island in southeast Alaska, an area with a skilled workforce, excellent power and transportation infrastructure as well as a long history of public and official support for responsible mineral resource development and mining.
Since 2009, Heatherdale has invested some $37 million and drilled more than 200,000 feet of core to define 5.6 million tonnes of Indicated and 3.4 million tonnes of Inferred mineral resources[1] at Niblack. While possessing significant potential for expansion, the known mineral resources at Niblack provide a solid basis for the initiation of engineering, environmental baseline and other technical studies necessary for project planning and permitting.
About Heatherdale Resources Ltd.
Heatherdale is a Vancouver-based exploration and development company focused on advancing the high-grade mine development opportunity at its 100%-owned Niblack Project. Heatherdale is associated with the Hunter Dickinson group, which has a track record of successful mineral exploration and development projects around the world.
On behalf of the Board of Directors
Scott Cousens
Chairman and Director
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, 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, and 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.
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[1] Indicated grades 0.95% copper, 1.75 g/t gold, 1.73% zinc, 29.52 g/t silver and inferred grades 0.81% copper, 1.32 g/t gold, 1.29% zinc, 20.10 g/t silver at a US$50 NSR cut-off. For further details see the Heatherdale November 29, 2011 news release.
SOURCE Heatherdale Resources Ltd.
