Helix Resources (ASX:HLX) has completed its $1.7 million rights issue, and will undertake an additional $300,000 capital raising through a private placement as a part of its exploration strategy for the White Hills Project in Arizona, US.
Through its rights issue, the company has issued 1.68 billion shares valued at $0.001 per share, along with 841.05 million options exercisable at $0.002 per option to expire in two years from today (10 September).
As reported by Mining.com.au, this issue price represents a 44.4% discount to the company’s 30-day volume weighted average price (VWAP) at the time of announcement.
Mahe Capital acted as the lead manager and underwriter for the rights issue.
The private placement will issue an additional 300 million shares and 150 million options under the same issue prices, raising a total of $1.98 million on completion.
Helix will use proceeds to cover drilling costs at the White Hills Project, while also funding resource estimate programs at the Gold Basin and general working capital.
Executive Chairman Michael Povey says the company is grateful for the support shown from shareholders involved in the rights issue, which demonstrates “continued commitment” to the company and its development of the White Hills and Gold Basin projects.
Helix Resources is a copper and gold explorer focused on unearthing projects in Australia and the US.
Write to Maddison Elliott at Mining.com.au
Images: Helix Resources
