Helena Resources Limited
NEX BOARD : HRS.H

November 02, 2005 20:51 ET

Helena Resources Limited: Private Placement and Shares for Debt

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2005) - Helena Resources Limited (the "Company") (NEX:HRS.H) wishes to announce that it has agreed to a non brokered private placement with companies controlled by two directors of the Company for an aggregate amount of $110,000. The Company will issue 733,332 units at a price of $0.15 per unit. Each unit will consist of one common share, and one half of a share purchase warrant; each full warrant will entitle the holders to purchase one common share of the Company at a price of $0.20 per share for a period of one year from the date of distribution. The proceeds of the private placement will be used for general working capital.

The Company has also agreed to issue 769,588 common shares at a deemed price of $0.15 per share to settle a demand loan of $115,438, including interest, with a company controlled by a director of the Company.

Finally, the Company also agreed to settle $10,000 in consulting fees due to a company controlled by another Director of the Company by the issuance of 66,666 common shares at a deemed price of $0.15 per share.

All of the above transactions are subject to regulatory approvals, and the units sold and shares issued will have a hold period of four months from the time of distribution in compliance with TSX Venture Exchange policies and applicable securities law.

The total number of common shares issued and outstanding after the above mentioned issuances will be 4,444,080.

On behalf of the board of directors

HELENA RESOURCES LIMITED

Barrett Sleeman, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Helena Resources Limited
    Mr. Salvador Miranda
    (604) 806-6110
    (604) 806-6112 (FAX)