Royal Helium Ltd (TSX-V:RHC, OTCQB:RHCCF) told investors that it has completed its previously announced bought deal public offering raising aggregate gross proceeds of $6 million through the sale of 66,667,000 units at $0.09 each.
The company said the proceeds of the offering will be used for new high-impact drilling on the 40 Mile helium project in southern Alberta, development through the Saskatchewan helium corridor, completion and testing of an existing discovery at the Ogema project, working capital and general corporate purposes.
Each unit sold as part of the offering consisted of a share of the company and a share purchase warrant entitling the holder to purchase a share for $0.12 for 36 months from the closing date.
The warrants will commence trading on the TSX Venture Exchange under the ticker symbol “RHC.WT.B” on or about May 13, 2024.
The offering was completed under an underwriting agreement with a syndicate of underwriters led by Research Capital Corporation as lead underwriter and sole bookrunner.
Certain management and insiders acquired 1,523,888 units during the offering.