Helio Resource Corp. ("Helio" or the "Company") (TSX-V:
HRC) is pleased to announce that effective February 19, 2007
the Company closed the previously announced non-brokered
Private Placement. The private placement was fully subscribed
and the Company issued
7,000,000 Units at a price of
$0.70 per Unit for gross proceeds of
$4,900,000.Each Unit comprised one common share
and one half of one common share purchase warrant. One full
share purchase warrant entitles the holder to purchase one
common share of the Company at a price of $0.95 per share at
any time on or before August 19, 2008.
The Units are
subject to a statutory four-month hold-period, expiring on
June 20, 2007. If, after the expiry of the four month hold
period, the common shares of the Company trade at a price of
greater than $1.20 for a period of 20 consecutive trading
days, the Company shall be entitled to accelerate expiry of
the warrants and provide notice to the warrant holders that
the warrants shall expire 30 days after providing such notice.
Cash Finders Fees totalling $252,350 and
360,500 Finders Warrants have been paid on a portion of the
financing. One Finders Fee Warrant entitles the holder to
purchase one common share of the Company at a price of $0.70
per share at any time on or before August 19, 2008.
The proceeds of the Offering will be used by Helio for
general working capital and corporate purposes.
APPOINTMENT OF CFOIn addition, the
Company is pleased to announce that effective January 15, 2007
it has appointed Mr. Matias Herrero to the position of CFO.
Previously, Mr. Herrero worked for nine years at Price Waterhouse Coopers, where he gained experience in Buenos
Aires, Argentina, and Edmonton, before being appointed as an
Audit Manager in PWC's Vancouver office, where he spent the
last two years with their mining group.
The Board and
Management of Helio would like to thank Mr. Steven Krause of
Avisar Chartered Accountants for his contribution to the
Company as CFO.
Helio Resource Corp., based in
Windhoek, Namibia, is one of Southern Africa's leading exploration companies, specializing in project generation.
Helio is actively exploring 19 prospective gold, base-metal
and diamond properties in Namibia, Botswana, Mozambique and
Tanzania. As part of its strategic approach to project development, Helio has worked in partnership with firms such
as Teck Cominco, Boulder Mining, Indicator Minerals, and Yale
Resources to advance a number of its projects.
For
additional information, please contact Richard Williams or
Irene Dorsman at (604) 668 8363 or by e-mail to
richard@helioresource.com
or
irene@helioresource.com.
ON
BEHALF OF THE BOARD OF DIRECTORS
"Richard D.
Williams"
Richard D. Williams,
P.Geo
CEO
"Chris MacKenzie"Christopher
J. MacKenzie, C.Geol.
COO
The TSX Venture Exchange
has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.