By Devika Patel
Knoxville, Tenn., May 23 - Helio Resource Corp. announced it has arranged a C$5.1 million private placement of units with Primary Capital Inc.
The company will sell 6 million units at C$0.85 each on a bought-deal basis. The units consist of one common share and one half-share warrant with each whole two-year warrant exercisable at C$1.10 for the first year and at C$1.25 in the second year.
Proceeds will be used for general corporate working capital.
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$5.1 million
|
| Units: | 6 million
|
| Price: | C$0.85
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.10 in the first year, C$1.25 thereafter
|
| Agent: | Primary Capital Inc.
|
| Pricing date: | May 23
|
| Stock symbol: | TSX Venture: HRC
|
| Stock price: | C$0.87 at close May 22
|
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