Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) said it has raised gross proceeds of £6.8 million (US$8.5 million) via a placing, subscription and retail offer as it prepares to drill the Tai-C well in Tanzania's Rukwa Basin later this month.
With the offer price at 6p per share, a 10.4% discount to the close price of 6.65p yesterday, the fundraise was oversubscribed.
Of the total, the placing raised £6.26 million, the subscription £0.04 million and the retail offer £0.5 million via PrimaryBid.
Chief executive Lorna Blaisse said: "The funds raised now enable us to drill a further prospect immediately after the planned drill at Tai-C.
"Itumbula has always ranked highly in our portfolio and to be able to drill it this side of the wet season, offers an excellent opportunity to utilise personnel and equipment and make a significant cost saving in the long term.
"The next few months promise to be an incredibly exciting time for the company as we commence spud this month and complete these two wells."
Last week, the company said an experienced drill crew had been appointed at the site, with a recently acquired rig almost fully set up and expected delivery of final long-lead items putting it on track to begin work during the latter half of the month.