Helix Resources Completes $1.7 Million Rights Issue for U.S. Exploration Projects

What's Happening?

Helix Resources has successfully completed a $1.7 million rights issue to fund its exploration activities in the U.S., particularly focusing on the White Hills Project in Arizona. The company issued 1.68 billion shares at $0.001 per share and 841.05 million options exercisable at $0.002 per option, representing a 44.4% discount to its 30-day volume weighted average price. Mahe Capital acted as the lead manager and underwriter for the rights issue. Additionally, Helix plans to raise another $300,000 through a private placement, issuing 300 million shares and 150 million options under the same pricing terms. The funds will be used for drilling costs at White Hills and resource estimate programs at Gold Basin, as well as general working capital.

Why It's Important?

The successful completion of the rights issue and additional capital raising efforts are crucial for Helix Resources as it seeks to advance its exploration projects in the U.S. The funding will enable the company to continue its drilling and resource estimation activities, which are essential for identifying viable copper and gold deposits. This financial strategy reflects the company's commitment to expanding its operations and potentially increasing its resource base, which could lead to significant economic benefits and job creation in the regions where these projects are located.

What's Next?

Helix Resources will proceed with its planned drilling and resource estimation activities at the White Hills and Gold Basin projects. The company aims to leverage the raised capital to enhance its exploration capabilities and potentially discover new mineral deposits. Shareholders and investors will be closely monitoring the progress of these projects, as successful exploration could lead to increased valuation and further investment opportunities.