Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) said it has successfully closed an oversubscribed placing and direct subscription offer of new shares, bringing in a 'gross' £6.1 million.
Newly minted stock was issued at 0.25p, while the proceeds from the fundraiser will be used for the upcoming drill programme at the Itumbula West-A prospect in Tanzania.
"We're currently rigging up at Itumbula West-A and performing pre-spud maintenance checks ahead of commencing drilling in early January targeting this exciting prospect. We look forward to providing further updates as appropriate and as we spud Itumbula," said chief executive Lorna Blaisse.
She told investors a lot had been learned from the Tai-3 well that will inform the progress of the latest work programme. "[This has] led us to revise the well location on the Itumbula prospect as we now look to target the fault play as well as the conventional Lake Bed and Karoo closures," Blaisse said.
"The well has been designed to directly target and test this new fault play where the company anticipates helium concentrations to be significantly elevated."