Helix Ltd (ASX:HLX) has announced a capital raising of up to approximately A$13m to accelerate its extensive copper exploration activity in the prolific copper-endowed Cobar region of NSW. The capital raising is via a Two Tranche Placement to institutional, professional and sophisticated investors to raise A$11m and a Share Purchase Plan to raise an additional A$2m.
When an ASX-listed company announces a capital raising, it generally means it is selling more shares to raise money.
More often than not, the shares are sold at a discount to the company?s share price at the time to entice new and existing investors.
Following the announcement, shares in Helix Ltd tumbled 13.33% to $0.013/share.