Acta Investment Group’s lawyers Hall & Wilcox have issued a notice to the Australian Securities Exchange (ASX) declaring all remaining defeating conditions have been lifted regarding its offmarket proportional takeover of Helix Resources (ASX:HLX).
Acta now has a 19.7696% shareholding in Helix.
On 3 January, Helix completed a placement of 100 million shares to Acta at $0.005 per share, being the same price as the offer price under the suitor’s proportional takeover offer.
The placement represents an investment of $500,000 in Helix, as reported by Mining.com.au.
Funds raised are planned to progress Helix’s Cobar exploration assets, including drilling of its Muriel Tank gold prospect, regional scale auger drilling, and will also assist with working capital requirements.
Following completion of the placement, Michael Povey, who is the sole director of Acta, was appointed as the company’s Executive Chair.
Write to Adam Orlando at Mining.com.au
Images: Helix
