|Mon Jun 20, 2016|
Helio Resource Corp (TSX-V: HRC), (“Helio” or the “Company”) is pleased to provide the following corporate update.
Warrant Exercise / Warrant Expiry / Share Capital Update
On Monday, June 13 the Company issued 7,500,000 new shares as a result of share purchase warrants being exercised, realizing a sum of $375,000 to Helio’s treasury. As a result, Helio now has 249,578,959 shares issued and outstanding, no warrants, and 8,700,000 incentive stock options.
CE Mining Limited and CE Mining II Helio Limited together own a total of 80 million shares of the Company, representing 32.05% of the issued and outstanding common shares of the Company.
As a result of the warrant exercise, the Company now has over $1,500,000 gross cash in treasury.
The focus for the Company going forward is advancing its SMP Gold Project in Tanzania. Funds on hand will be used to define a drill programme to add to the current resource base and advance the project towards a production decision.
The SMP Gold Project has a current NI 43-101 Mineral Resource Estimate, as outlined in a news release dated April 28, 2015, and summarized below:
All technical information in this news release has been reviewed and approved for disclosure by Mr. C. MacKenzie, M.Sc., C.Geol, Helio's COO and Qualified Person as designated by NI 43-101.
The Company completed the disposition of its Namibian interests in May 2016, and retains a 14% shareholding in Osino Resources, an arm’s-length, private mineral exploration company.
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.
For additional information please contact Richard Williams at 604 638 8005.
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