Helix Resources (ASX: HLX) has received $175,000 from Lodestone Equities as partial payment in exchange for Helix granting an extension to the payment of $1.75 million from the sale of its Olary Magnetite asset in South Australia.
The parties have agreed to the extension, which will be reviewed on 30 June 2014, as Lodestone works to advance the project.
Helix expects to retain a cash balance of $1.5 million at the end of the current quarter.
It had sold the project to Lodestone in February 2012 for an initial payment of $2.5 million and further cash payments of $1.75 million due March 2014 and $1 million due March 2015.
The company also retains a 1% FOB Royalty from ore produced from Olary.
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