Non-brokered financing offers 25 million units at C$0.07 per unit
By Devika Patel
Knoxville, Tenn., April 22 - Helio Resource Corp. said it will conduct a C$1.75 million non-brokered private placement of units. CE Mining Ltd. will invest at least C$1.4 million.
The company will sell 25 million units of one common share and one warrant at C$0.07 per unit. Each warrant will be exercisable at C$0.14 for two years. The strike price reflects a 250% premium to the April 21 closing share price of C$0.04.
Settlement is expected May 3.
Proceeds will be used for the advancement of Helio's SMP Gold Project in southwest Tanzania and for general corporate working capital purposes.
Based in Vancouver, B.C., Helio is a gold exploration company focused on high-quality project generation in southern Africa.
| Issuer: | Helio Resource Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.75 million
|
| Units: | 25 million
|
| Price: | C$0.07
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.14
|
| Agent: | Non-brokered
|
| Investor: | CE Mining Ltd. (for C$1.4 million)
|
| Pricing date: | April 22
|
| Settlement date: | May 3
|
| Stock symbol: | TSX Venture: HRC
|
| Stock price: | C$0.04 at close April 21
|
| Market capitalization: | C$4.42 million
|
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