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Helio Resource Corp Announces Closing Of First Tranche Of Non-brokered Private Placement


Thursday, 9 May 2013 03:30pm EDT 

Helio Resource Corp announced that, completion of due diligence by CE Mining Limited (CE Mining), it has closed the first tranche of the $1.75 millionnon-brokered private placement announced on April 22, 2013. Pursuant to closing the first tranche for gross proceeds of $1,400,000, Helio has issued 20,000,000 Units of the Company to CE Mining, a Guernsey based company. Each Unit issued to CE Mining consists of one common share of the Company and one common share purchase warrant of the Company. Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.14 for a period of two years from closing, expiring on May 8, 2015. All securities issued in connection with this partial closing of the private placement are subject to a four-month plus one day hold, which expires September 9, 2013. As a result of this partial closing, the Company has 130,602,959 shares issued and outstanding. Closing of the first tranche of the private placement follows the signing by the Company of an Operating Agreement with Plinian Capital LLP (Plinian) and a Memorandum of Agreement and an Investment Agreement with CE Mining. These agreements provide for, in addition to other matters. 

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