Mosman Oil and Gas Ltd (AIM:MSMN) has successfully raised £1.485 million through the issuance of new shares, priced at 0.035 pence per share.
The capital will be used to advance identified helium projects and provide additional working capital.
This includes advancing the Vecta Helium Project in Colorado, where drilling is expected between October and December 2024. Mosman holds a 20% interest in five leased areas within this project.
Also, the company is progressing the approval process for the EP(A) 155 project in Australia, where it may hold up to 25% depending on farm-in conditions.
Masman is also seeking new helium opportunities in the US, focusing on shallow locations with high helium concentrations. It has entered into a confidentiality agreement with an experienced operator to explore potential sites.
“With a clear strategy to expand Mosman's helium portfolio … the company has been actively evaluating other highly prospective helium opportunities in the US. With several potential targets identified, this funding will enable the team to progress early-stage technical due diligence during calendar Q4 24,” chief executive Andy Carroll said in a statement.
Mosman is issuing 4.24 billion new shares to investors.