Helix Resources (ASX:HLX) has reached an underwriting agreement with sophisticated investors to underwrite the conversion of the first 20 million of its listed options at $0.015, ensuring proceeds of at least $300,000.
Conversion of the options, which expire on 30 September 2014, will help advance exploration of its Chile and Australian assets.
Drilling has this month commenced at the company’s wholly-owned Blanco y Negro Project in Chile.
A program of up to 7 reverse circulation holes totalling 1,000 metres will test a further 250 metres of strike of the main shear target and shallow zones within the known mineralised envelope to improve geological knowledge and confirm grade continuity closer to surface.
It also has a 30% interest in the WPG Resources (ASX:WPG) operated Tunkillia Gold Project in South Australia's Gawler Craton, which has recently received Federal environmental clearance.
The company has $1.8 million in cash as of 30 June 2014.
Adding some interest, Mark Creasy is a substantial shareholder with a 9% interest in the company.
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