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Highlights
- Strategic Placement: Helix Resources raises $500,000 through a placement of 100 million shares to Acta Investment Group Pty Ltd at $0.005 per share.
- Exploration Focus: Funds will advance the Cobar exploration assets, including drilling at the Muriel Tank gold prospect and regional-scale auger drilling, while also supporting working capital.
- Board Restructure: Michael Povey assumes the role of Executive Chair, while Mike Rosenstreich transitions to Non-Executive Director.
Helix Resources (ASX:HLX) has successfully raised $500,000 through a strategic placement of 100 million shares to Acta Investment Group Pty Ltd (Acta). The shares were issued at $0.005 each, matching the offer price under Acta’s proportional takeover offer.
The funds from this placement will be used to accelerate exploration efforts at Helix’s highly prospective Cobar assets in New South Wales. Key initiatives include drilling at the Muriel Tank gold prospect, a regional-scale auger drilling program, and addressing the company’s working capital requirements.
The placement shares were issued under Helix’s placement capacity pursuant to ASX Listing Rule 7.1 and will rank pari passu with the company’s existing shares on issue.
Leadership Changes
Concurrent with the completion of the placement, Helix announced significant changes to its Board. Michael Povey, the sole director of Acta, has been appointed Executive Chair effective immediately. Povey’s leadership will be governed by an Executive Services Agreement (ESA), the details of which were outlined in Annexure A of the company’s supplementary statement.
Former Non-Executive Chairman Mike Rosenstreich has stepped down from his chairmanship and will continue to contribute to the company as a Non-Executive Director. No further changes have been made to the Board structure.
Proportional Takeover Offer Update
Helix also confirmed its recommendation for shareholders to accept Acta’s proportional takeover offer. The unanimous recommendation by Helix’s Directors was detailed in a Supplementary Target’s Statement lodged on 23 December 2024. The Directors, who hold or control Helix shares, have either accepted or plan to accept the offer.
Path Forward
With the fresh capital injection and a restructured Board, Helix is poised to intensify its focus on the Cobar exploration assets. The company aims to unlock value through targeted exploration initiatives, including advancing the Muriel Tank prospect, which holds promising gold potential.
