Business
Helio Announces Result of Special General Meeting, Closing of Private Placement and Receipt of First Option Payment on Damara Project
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEW...
About this update from Winshear Metals Corp.
[{"type":"text","content":"\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES./\n\n\nVANCOUVER, July 28, 2014 /CNW/ - Helio Resource Corp. (TSX.V: HRC) (\"Helio\" or the \"Company\") is pleased to announce the result of the\n Special General Meeting held July 25, 2014. At this meeting,\n disinterested shareholders of the Company approved the Company's\n proposed private placement transaction resulting in the creation of a\n \"control person\", namely CE Mining.  As a result, the Company is\n pleased to announce the successful completion of a $4,005,000 private placement, first announced on May 28, 2014.  The first tranche\n of the placement ($2,955,000) closed on June 13, 2014.  The balance of\n the financing has now been received ($1,050,000), and the securities\n have been issued (21,000,000 Units).\n\n\nIn total, Helio has issued 80,100,000 Units at a price of $0.05 per Unit.  Each Unit consists of one common share and one half of one (1/2) common share purchase warrant.  Each whole warrant entitles the holder\n thereof to acquire one common share for a period of two years from\n closing, at a price of $0.10 per share.  Commissions of up to 6% in cash, and 6% in Finders Units of\n the Company, on terms similar to the Units, were issued on part of this\n financing, resulting in the issuance of 2,376,000 Finders Units and the payment of $118,800 in commissions.\n\n\nCE Mining now owns 60,000,000 common shares of the Company (27.51% of\n the current issued and outstanding share capital of the Company) and\n 40,000,000 warrants. Upon the exercise of all of its warrants, CE\n Mining would own, on a partially diluted basis, 38.75% of the issued\n and outstanding common shares of the Company.\n\n\nThe Company is also pleased to announce the receipt of the first share\n payment from Solomon Resources Ltd (\"Solomon\"). Helio announced on\n March 27, 2014 that it had signed Letter of Intent with Solomon (\"the\n agreement\") to further develop the 722 km2 Damara Gold and Tin Project in Namibia.  The agreement was subject to\n TSX Venture Exchange approval, which Solomon has now received.  As a\n result, Solomon issued 2,500,000 Solomon shares to Helio as the first\n payment due under the terms of the agreement.\n\n\nAbout CE Mining\n\n\nCE Mining is a company jointly o...