Ratio Magazine :: The Inside Track to East Africa’s Economies - Press Releases: Helio Resource Corp and IFC Agree on Private Placement Financing of USD1.7m

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Press Releases: Helio Resource Corp and IFC Agree on Private Placement Financing of USD1.7m

Thursday, 10 November 2011

Helio Resource Corp. ("Helio" or the "Company") (TSX-V: HRC) is pleased to announce that it has reached agreement with IFC, a member of the World Bank Group, whereby IFC will enter into a private placement equity subscription agreement (the "Financing") with the Company.

The Financing comprises 5,000,000 Units whereby each Unit consists of one common share of the Company and one half of one common share purchase warrant of the Company. Each common share is priced at $0.34 and each full common share purchase warrant is priced at USD0.425 and is valid for a period of two years from the date of closing this financing.

The proceeds of the Financing will be used to continue the development and exploration of the SMP Gold Project, Tanzania, the Damara Gold Project in Namibia and for general working capital.

The Financing is scheduled to close on or before 23 November 2011, and is subject to TSX Venture Exchange approval.

Helio's ongoing association with IFC represents numerous significant positives to the Company, most notably:

IFC's track record of providing on-going financial support to its clients throughout the project cycle;
An association with a global financial organisation that promotes the highest of operating, environment, social, and health standards and;
The recognition of the potential of the Company's project to become viable gold deposits thereby providing economic stimulus to under-developed regions.

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