RNS - Placing at 1.50p7 Feb 2024 07:15
Company raises £4.7 million via a company led placing
Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, announces that it has raised £4.7 million (approximately $5.92 million), before expenses, through a company led placing of 313,333,333 new ordinary shares (the "Placing Shares") at a price of 1.5p per share (the "Placing Price") (together the "Placing").
The company led placing provides the Company with sufficient working capital to progress its planning for the next stage of the work programme in Tanzania. The Placing has been undertaken with long term supportive investors, with Peterhouse Capital ("Peterhouse") acting as the placing agent. This placing enables the Company to determine the next stage of its work programme following the success of the Tai-3 and Itumbula West-1 exploration wells.
Lorna Blaisse, Chief Executive Officer, commented:
"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.