Helix Resources (ASX:HLX) appointed Michael Povey as executive chair, effective Friday, after Mike Rosenstreich resigned as non-executive chairman, according to a same-day filing with the Australian bourse.

The appointment follows the completion of a share placement, where the company raised AU$500,000 through the issue of 100 million shares to Acta Investment Group at AU$0.005 each, the filing said.

Povey, the sole director of Acta Investment, will receive remuneration of AU$225,000 per year plus statutory superannuation, for a 75% full-time equivalent time commitment, the filing added.