Helio Resource Corporation Announces Exercise of Warrants
08.07.2015 | CNW
VANCOUVER, July 8, 2015 /CNW/ - Helio Resource Corp. (TSX-V: HRC), ("Helio" or the "Company") is pleased to report that CE Mining Ltd has exercised 6,140,000 share purchase warrants for proceeds to the Company of $307,000. Notably these warrants were exercised at a 100% premium to the market price.As a result of this exercise CE Mining Ltd now owns 66,140,000 shares representing 29.5% of Helio's issued and outstanding share capital.
CE Mining Ltd still owns an additional 13,860,000 share purchase warrants. If exercised, CE Mining would own 80,000,000 shares representing 33.6% of the issued share capital on a partially diluted basis.
The Company was unable to provide prior notice of the foregoing related party transaction in advance of the closing as several material matters were not concluded until the date of the warrant exercise. The timing of the disclosure of the related party matters was therefore reasonable and necessary in the circumstances.
About Helio Resource Corp.
Helio Resource Corp. is a resource company focused on advancing the 100% owned SMP Gold Project in Tanzania to a production decision, and outlining the resource potential at the DGP Gold Project in Namibia.
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard D. Williams, P.Geo
"Chris MacKenzie"
Christopher J. MacKenzie, C.Geol.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Helio Resource Corp.
Contact
Richard Williams
604 638 8005
Toll Free: +1 888 955 4728
E-mail: info@helioresource.com
Website: www.helioresource.com