Helios Energy Ltd (ASX:HE8) Raises A$691,325 via Convertible Notes
Convertible Notes Issuance
Helios Energy Ltd has raised A$691,325 by issuing 691,325 interest-free Convertible Notes. The capital will support ongoing oil and gas exploration of the Presidio Project in Texas, repay current director and staff loans, and fund general business activities.
Use of Funds
The proceeds will advance Helios’ Presidio Project, including geological and technical assessments and securing necessary licences. Additionally, funds will be allocated to general business and working capital activities.
Executive Comments
Managing Director Philipp Kin stated, “Helios Energy is pleased to have secured this funding from Thorny Investment Group, clients of Gleneagle and other sophisticated Oil & Gas investors supportive of our asset position in Texas. The proceeds were required for regulatory working capital for our licence renewal, which required immediate work.
I think most shareholders would agree that the terms of the Notes are very favourable being non-guaranteed, a modest quantum and being executed quickly which, highlights the underlying support we have for the Company.
The funds raised assures the Company remains on a sound footing with the regulatory authorities in Texas and ensures our operating licencing remains in place.
I look forward to updating shareholder in the coming weeks.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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