Royal Helium Ltd (TSX-V:RHC, OTCQB:RHCCF) told investors it has closed the first tranche of its previously announced underwritten private placement offering of 18,750,000 units at $0.24 each for aggregate gross proceeds of $4.5 million.
The company said it will use the net proceeds from the offering to fund the multi-well operations at its Val Marie, Ogema and Steveville helium projects, along with production facilities design and engineering, and for general corporate purposes.