Helix raises cash for copper dreams
PERTH (miningweekly.com) – ASX-listed Helix Resources will raise A$13-million through a share placement and share purchase plan (SPP) to accelerate its copper hunt in New South Wales.
The company on Wednesday said that it would raise A$11-million in a two-tranche placement, priced at 1.2c a share.
The first tranche of the placement will be conducted under Helix’s existing placement capacity and will consist of 191.77-million shares. The second tranche of the placement, consisting of 597-million shares, will be subject to shareholder approval.
Meanwhile, an SPP, which will also be priced at 1.2c a share, is expected to raise a further A$2-million. Shareholders will be able to subscribe for up to A$30 000 worth of additional shares in Helix under the SPP, which will open on March 28 and close on May 6.
Helix told shareholders that the funds raised would primarily go towards exploration drilling at its copper discoveries in New South Wales.
“We are now fully funded to drill-out resources and prospects, further generate and advance targets across our extensive tenement package and undertake preliminary mining studies and metallurgical work. There is growing investor and corporate interest in Cobar copper assets and the diverse production options; we plan to advance our assets to become part of those regional development scenarios to unlock significant value for our shareholders,” said MD Mike Rosenstreich.
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