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Helix Ltd (ASX: HLX) has announced a capital raising of up to approximately A$13m

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.

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