Show printable version of 'Helio Closes $4,900,000 Private Placement; Appoint...' in a New Window
News Releases
 Mon Feb 26, 2007
Helio Closes $4,900,000 Private Placement; Appoints New CFO

 Helio Resource Corp. ("Helio" or the "Company") (TSX-V: HRC) is pleased to announce that effective February 19, 2007 the Company closed the previously announced non-brokered Private Placement. The private placement was fully subscribed and the Company issued 7,000,000 Units at a price of $0.70 per Unit for gross proceeds of $4,900,000.

Each Unit comprised one common share and one half of one common share purchase warrant. One full share purchase warrant entitles the holder to purchase one common share of the Company at a price of $0.95 per share at any time on or before August 19, 2008.

The Units are subject to a statutory four-month hold-period, expiring on June 20, 2007. If, after the expiry of the four month hold period, the common shares of the Company trade at a price of greater than $1.20 for a period of 20 consecutive trading days, the Company shall be entitled to accelerate expiry of the warrants and provide notice to the warrant holders that the warrants shall expire 30 days after providing such notice.

Cash Finders Fees totalling $252,350 and 360,500 Finders Warrants have been paid on a portion of the financing. One Finders Fee Warrant entitles the holder to purchase one common share of the Company at a price of $0.70 per share at any time on or before August 19, 2008.

The proceeds of the Offering will be used by Helio for general working capital and corporate purposes.


In addition, the Company is pleased to announce that effective January 15, 2007 it has appointed Mr. Matias Herrero to the position of CFO. Previously, Mr. Herrero worked for nine years at Price Waterhouse Coopers, where he gained experience in Buenos Aires, Argentina, and Edmonton, before being appointed as an Audit Manager in PWC's Vancouver office, where he spent the last two years with their mining group.

The Board and Management of Helio would like to thank Mr. Steven Krause of Avisar Chartered Accountants for his contribution to the Company as CFO.

Helio Resource Corp., based in Windhoek, Namibia, is one of Southern Africa's leading exploration companies, specializing in project generation. Helio is actively exploring 19 prospective gold, base-metal and diamond properties in Namibia, Botswana, Mozambique and Tanzania. As part of its strategic approach to project development, Helio has worked in partnership with firms such as Teck Cominco, Boulder Mining, Indicator Minerals, and Yale Resources to advance a number of its projects.

For additional information, please contact Richard Williams or Irene Dorsman at (604) 668 8363 or by e-mail to or


"Richard D. Williams"
Richard D. Williams, P.Geo

"Chris MacKenzie"
Christopher J. MacKenzie, C.Geol.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

You can return to the Top of this page