UPDATE: Helio Announces Private Placement for up to $1.75M; Stock Rallies But Touches 52-Week Lows

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Helio Resource Corp. (HRC.V) announced a non-brokered private placement to raise up to $1.75 million, comprising 25 million units at a price of $0.07 per unit.

CE Mining Limited will subscribe for a minimum of 20 million units (for $1.4 million). The balance of the placement (five million units) will be placed by the company.

Assuming that CE Mining subscribes for no more than 20 million units, it will own 14.75% of the issued and outstanding share capital of the company upon closing of a fully subscribed placement.

The proceeds from the private placement will be used for the advancement of Helio's SMP Gold Project in the Lupa Goldfields of South West Tanzania, and for general corporate working capital purposes.

HRC has touched 52-week low 4 cents today. It is currently trading at 6 cents, up 50%.



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