Tanzania-focused explorer Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) said it has raised £8 million through the issue of 1.6 billion new shares at 0.50 pence each.
The fundraising was oversubscribed, demonstrating strong investor interest and comprised a placing and a direct subscription with the former bringing in £7.9 million.
The new investment will fund the development phase of Helium One's operation in the Rukwa rift basin.
"These funds will enable us to fulfil the next crucial phase of the company's development including the deepening of Itumbula West-1 and the execution of the EWT [extended well test]," said chief executive Lorna Blaisse.
"[This], combined with the successful award of the mining license, will allow us to commence the development phase for the first helium project in Tanzania."