Helix Resources closed its oversubscribed rights issue, raising $2.8 million, exceeding its initial target of $2.3 million.

An additional $500,000 was accepted through a placement to accommodate oversubscription.

The capital will fund a drill campaign at the Canbelego copper project in New South Wales. The funds will also be used to investigate a high-priority geophysics anomaly at Canbelego and maintain exploratory activities.

The drilling campaign aims to testa a large undrilled induced polarisation anomaly for potential high-grade copper lodes.

New securities will be issued on May 21, with trading commencing the following day.