Australia's Helix Resources hits nearly 4-month low on discounted placement

Helix Resources

16/03/2022 02:37

** Shares of Helix Resources Ltd  HLX.AX  slip as much as
13.3% to A$0.013, their lowest since Nov. 29 
    ** Copper explorer says it has received binding commitments
to raise A$11 mln ($7.92 mln) via a two-tranche share placement
 urn:newsml:reuters.com:*:nFWN2VI18T
    ** Says it is looking to raise an additional A$2 mln through
a share purchase plan 
    ** Says funds raised will be primarily used for copper
drilling and resource growth in the Cobar region of New South
Wales
    ** Issue price of A$0.012 per share represents a 20%
discount to stock's last closing price on March 11
    ** Shares to mark worst session since Jan. 25 if losses hold
    ** Stock down 6.3% this year, as of last close

($1 = 1.3889 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))