Helix Resources (ASX:HLX) has completed a placement of 100 million shares to Acta Investment Group at $0.005 per share, being the same price as the offer price under Acta’s proportional takeover offer.
The placement represents an investment of $500,000 in Helix.
Funds raised are planned to progress the company’s Cobar exploration assets, including drilling of its Muriel Tank gold prospect, regional scale auger drilling, and will also assist with working capital requirements.
Helix shares were issued without shareholder approval using the company’s placement capacity under ASX listing rule 7.1 and will rank pari passu with all existing shares on issue.
Following completion of the placement, Michael Povey, who is the sole director of Acta, has been appointed as the company’s Executive Chair effective today.
Helix has entered into an executive services agreement with Povey.
Mike Rosenstreich has resigned from his role as non-executive Chairman and has been appointed as a non-executive Director. There are no other changes to the board.
Helix lodged a supplementary target’s statement on 23 December 2024, in which the Helix directors unanimously recommend shareholders accept Acta’s proportional takeover offer.
The directors have accepted or plan to accept the offer.
The 23 December ASX announcement notes Acta looks forward to receiving further offer acceptances ahead of the 15 January 2025 closing date.
Write to Adam Orlando at Mining.com.au
Images: Helix
