Helix Resources Ltd Secures $500,000 Through Strategic Placement

Highlights:

• Successful Capital Raise: Helix Resources Ltd (ASX: HLX) has secured $500,000 through a placement of 100 million shares to Acta Investment Group Pty Ltd at $0.005 per share, supporting exploration and working capital.
• Strategic Allocation of Funds: The raised capital will be directed towards advancing the company’s Cobar exploration projects, including drilling at the Muriel Tank gold prospect and broader regional exploration initiatives.
• Board Leadership Transition: Michael Povey has been appointed as Executive Chair, while Mike Rosenstreich transitions to a Non-Executive Director role, ensuring robust governance amid growth efforts.

Helix Resources Ltd (ASX: HLX), a prominent exploration company operating in the Cobar region of New South Wales, has successfully raised $500,000 via a strategic placement. This move aims to accelerate the development of its highly prospective Cobar exploration assets. At the time of writing, the placement marks a pivotal step in advancing the company’s drilling programs and addressing its working capital requirements.

Details of the Capital Raise

The placement involved the issuance of 100 million fully paid ordinary shares to Acta Investment Group Pty Ltd (Acta) at a price of $0.005 per share. This pricing aligns with the offer price under Acta’s proportional takeover offer, ensuring consistency and shareholder value. Notably, the shares were issued under Helix’s placement capacity as per ASX Listing Rule 7.1 and will rank equally with existing shares.

The funds raised will primarily support Helix Resources' ongoing exploration initiatives, including drilling at the Muriel Tank gold prospect and undertaking extensive regional-scale auger drilling. These activities are geared towards discovering new copper and gold deposits in the resource-rich Cobar region, which spans approximately 3,300 square kilometers.

Board Restructuring Post Placement

In conjunction with the placement, Helix Resources announced significant board changes. Michael Povey has been appointed as Executive Chair, reflecting his integral role in the placement process. Meanwhile, former Non-Executive Chairman Mike Rosenstreich has transitioned to a Non-Executive Director role.

Outlook and Shareholder Engagement

The placement underscores Helix Resources’ commitment to unlocking value from its Cobar projects and reinforces Acta's confidence in its exploration strategy. Shareholders are encouraged to review the supplementary documents provided by the company to make informed decisions regarding the associated proportional takeover offer.

Helix Resources remains poised to capitalize on the potential of its exploration assets while maintaining robust shareholder engagement and transparency.

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