(Alliance News) - Helium One Global Ltd on Wednesday said it has raised GBP4.7 million, to progress its work programme in Tanzania.
The primary helium explorer said it has GBP4.7 million through a placing of 313.3 million new shares priced at 1.5p each. The placing price represents a 30% discount to the closing price of 2.16p on Tuesday.
Its shares fell 23% to 1.64p each on Wednesday morning in London.
The proceeds will provide the company with "sufficient" working capital to progress its planning for the next stage of the work programme in Tanzania.
Chief Executive Lorna Blaisse said: "The results that we have achieved from the Itumbula West-1 well, flowing helium to surface in such significant concentrations, has confirmed a globally unique helium producing province. By moving quickly and finalising this company led placing early on, we have been able to strengthen our working capital position, which will enable us to fully focus on the next phase of the company's growth."
By Sophie Rose, Alliance News senior reporter
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Helium One (HE1)