- Helios Energy (HE8) launches a $4.86 million capital raise to advance its Texas-based oil and gas project
- The energy stock issued over 32.4 million shares to sophisticated and professional investors at 15 cents each
- CPS Capital Group and Gleneagle Securities jointly managed the placement
- Specifically, the money will support working capital and buying more oil and gas leases within the Presidio Oil Project
- Just before market close, company shares were down 6.25 per cent to trade at 15 cents
Helios Energy (HE8) has announced the details of its $4.86 million capital raise.
The energy stock entered a trading halt on Monday, July 19, claiming it was raising some fresh capital. But of course, the amount and reason for the raise hadn’t yet been revealed.
As planned, Helios’ two-day trading halt has been lifted and the market has the capital raise details.
CPS Capital Group and Gleneagle Securities jointly managed the placement which was the only detail announced to the market on Monday.
The company issued 32,416,668 shares to sophisticated and professional investors at 15 cents per share.
Helios Energy will use the $4,862,500 to purchase more oil and gas leases in the Presidio Oil Project within the Presidio County, Texas, US. The money will also go towards working capital purposes.
According to the company, its last placement, which raised around $11.4 million, also supported working capital and the purchase of more oil and gas leases in the Presidio Oil Project.
Just before market close, company shares were down 6.25 per cent to trade at 15 cents.