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Helix Resources (ASX:HLX) - Non Executive Director, Tim Kennedy - The Market Herald
Non Executive Director, Tim Kennedy
Source: Helix Resources
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  • Helix Resources (HLX) has placed its shares in a trading halt ahead of an upcoming capital raise
  • The trading halt is set to be lifted on or before Tuesday, May 18, when further details regarding the raise are expected to be released to the market
  • The raise comes shortly after the explorer encountered what it describes as "intense" copper sulphide mineralisation at its majority-owned Canbelego deposit in New South Wales
  • Helix Resources reported a cash and equivalents balance of $1.5 million for the March quarter, enough to see it through the next three quarters based on levels at the time
  • Prior to the trading halt, Helix Resources shares last traded at 3.1 cents

Helix Resources (HLX) has placed its shares in a trading halt ahead of an upcoming capital raise.

The precious and base metal explorer said its shares would remain the trading halt until Tuesday, May 18, when further information regarding the raise is set to be made to market.

At this stage, there has been no clear indication as to how much Helix is looking to raise or for what purpose, however, it comes shortly after the company encountered "intense" copper sulphide mineralisation at its majority-owned Canbelego deposit in New South Wales.

HLX is carrying out a diamond drilling programme at the project to test the extension of known copper mineralisation in the hopes of upgrading its mineral resource estimate.

According to Helix, the second diamond drill hole successfully extended the copper mineralisation 80 metres below where 24 metres of copper sulphide was intersected earlier this month.

In terms of finances, Helix Resources reported a cash and equivalents balance of $1.5 million for the March quarter, enough to see it through the next three quarters based on levels at the time.

Prior to the trading halt, Helix Resources shares last traded at 3.1 cents.

HLX by the numbers
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