Helix Monitors Gold Basin JV as Hostile Takeover Bid Falters and Loan Terms Reset

The latest update is out from Helix Resources Limited ( (AU:HLX) ).

Helix Resources has provided an update on its joint venture arrangements over the Gold Basin oxide gold project in Arizona amid a hostile takeover bid for its partner, Gold Basin Resources, by Canex Metals. Canex has waived a key 66.67% minimum acceptance condition after securing only 49% of Gold Basin shares, with Helix indicating that most major Gold Basin shareholders appear to support existing management and strategy. Gold Basin has also revised terms on a US$500,000 loan from Charrua Capital, with a reduced interest rate and new security over part of the Gold Basin project during a forbearance period, a move that introduces encumbrance over some project claims but provides near-term financing relief. Helix, whose executive chairman holds an indirect minority interest in Charrua Capital, is closely monitoring the takeover situation and maintains ongoing communication with Gold Basin’s board as it assesses potential implications for its earn-in and joint venture rights at Gold Basin.

The most recent analyst rating on (AU:HLX) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Helix Resources Limited stock, see the AU:HLX Stock Forecast page.

More about Helix Resources Limited

Helix Resources Limited is an ASX-listed mineral exploration company focused on copper and gold projects in Arizona, USA, and the copper-producing Cobar region of New South Wales, Australia. Its portfolio includes an option over the White Hills Copper-Gold Project in joint venture with Newmont, a joint venture to earn 40% of the Gold Basin oxide gold project in the Walker Lane gold trend, and extensive tenements in Cobar with multiple copper and gold exploration targets.

Current Market Cap: A$10.69M

Learn more about HLX stock on TipRanks’ Stock Analysis page.