TSX-V Trading Symbol:
HRC
VANCOUVER, Aug. 19, 2016 /CNW/ - Helio Resource Corp.
(TSX-V: HRC), ("Helio") announces that, subject to TSX-Venture
Exchange ("Exchange") approval, it will issue 2,054,000 shares to
settle an aggregate amount of $102,700 in salaries and fees owed to certain
members of management and Directors. In addition, Helio has reached
agreement with Plinian Capital, subject to Exchange and
disinterested shareholder approval, to issue 9,600,000 shares in
lieu of $480,000 accrued as operator
fees. Disinterested shareholder approval will be sought at Helio's
Annual General Meeting on September 23,
2016.
In conjunction with the debt settlement, Helio and Plinian
Capital have agreed to reduce the operator fees by 50%, and senior
management has agreed to reductions in compensation of between 25%
and 55%.
About Helio Resource Corp.
Helio Resource Corp. is a resource company focused on advancing
the 100% owned SMP Gold Project in Tanzania to a production decision.
ON BEHALF OF THE BOARD OF DIRECTORS
|
"Richard D.
Williams"
|
"Chris
MacKenzie"
|
|
Richard D. Williams,
P.Geo
|
Christopher J.
MacKenzie, C.Geol.
|
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Helio Resource Corp.