Helios Energy Ltd (ASX: HE8) is pleased to advise that by the issue of 77,099,237 shares at a price of 13.1 cents per share it has conducted a capital raising of $10,100,000. Under the requirements of section 708 of the Corporations Act 2001, the Placement was made to sophisticated and professional investors.
By Monday 7 January 2019 settlement of the Placement will be completed. By ASX Listing Rule 7.1, the Placement was conducted within the 15% placement capacity available to the company.
Near the companyâs Presidio Oil Project to continue the companyâs leasing of additional acres of oil and gas mineral rights in Presidio County the funds raised from the Placement will be used, to complete its current 2D seismic program; to pay for the costs of drilling the third well into the Presidio Oil Project and for working capital.
The company will issue 350,000 shares, and 10,000,000 options each with an exercise price of A$0.15 and each is having a term which expires on 31 December 2021, in addition to the payment of standard commercial capital raising fees, to those brokers who assisted with the $10,100,000 capital raising.
To test the lower Ojinaga Formation, Helios completed one stage frack in the Quinn Creek 141 well in June 2018. In 168 hours the well poured 260 barrels of oil and 1,345 barrels of completion fluid. At 456 mcf per day, gas was also produced on a 34/64ths of one-inch choke.
Helios has no debt as at December 27, 2018 and has been actively leasing in the Presidio Oil Project area. It will acquire more leases in the Presidio Oil Project area soon. Shoot 21 miles of new 2D seismic and re-process and interpret 74 miles of recently licensed 2D seismic. Helios has an experienced and a strong team of oil people with successful and extensive experience in the oil business in Texas, USA.
Helios Energy Ltd (ASX: HE8) is currently under the suspended status and last traded at a market price of $0.140. The stock has in the last 12 months saw a performance change of 105.48%. The company has a market capitalization of $212.5 million as at December 27, 2018.
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