July 9, 2012, Vancouver, BC – 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 purposes...
No comments:
Post a Comment