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Helio Resource Corp completes first tranche of non-brokered private placement


Friday, 13 Jun 2014 06:00pm EDT 

Helio Resource Corp:Says further to its news release of May 28, 2014, it closes first tranche of its non-brokered private placement for proceeds of $2,955,000.Company has issued 59,100,000 units (Units) at price of $0.05 per Unit.Each Unit consists of one common share (Common Share) and one half of one common share purchase warrant (each full warrant being Warrant).Each Warrant entitles holder to acquire one Common Share for a period of two years expiring June 13, 2016, at price of $0.10 per share.Commissions of six pct in cash ($118,800), and six pct in finders units (2,376,000 units) of Company (on terms similar to the Units), were paid and issued on portion of first tranche of the financing.All securities issued are subject to hold period of four months plus one day, expiring Oct 14, 2014.Company is still planning to raise additional $1,050,000 in second tranche of its financing to raise total of $4,005,000.Proceeds from private placement will be used for advancement of Helio's SMP Gold Project in the Lupa Goldfields of South West Tanzania, and for general corporate working capital purposes. 

Company Quote

0.05
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25 May 2016