By Devika Patel
Knoxville, Tenn., Dec. 5 - Helio Resource Corp. announced it will raise C$5.25 million in a non-brokered private placement of units.
The company will sell 7 million units at C$0.75 each to Dundee Resources Ltd. The units consist of one common share and one half-share warrant with each whole warrant exercisable at C$0.85 for two years.
The warrants may expire sooner if, after June 30, 2008, the company's shares trade at C$1.25 or higher for 21 consecutive days. In that case, the warrants will expire 30 days after the company notifies holders.
Proceeds will be used for general corporate working capital and advancement of the company's SMP gold project in Tanzania. The deal will settle on Jan. 15.
Based in Vancouver, B.C., Helio Resource is a mineral exploration company focused on high-quality project generation in southern Africa.
| Issuer: | Helio Resource Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5.25 million
|
| Units: | 7 million
|
| Price: | C$0.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.85
|
| Agent: | Non-brokered
|
| Investor: | Dundee Resources Ltd.
|
| Pricing date: | Dec. 5
|
| Settlement date: | Jan. 15
|
| Stock symbol: | TSX Venture: HRC
|
| Stock price: | C$0.68 at close Dec. 4
|
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