HeLIX Exploration PLC (AIM:HEX), the helium explorer, has confirmed it has successfully raised £5 million in its equity fundraising, which was expanded from its initial £4 million target.
It has therefore agreed to issue 29.57 million shares in a placing, plus 3.76 million shares via a subscription agreement, with all new shares priced at 15p.
The placing, executed via an accelerated bookbuild process, will fund a gas processing plant at the Rudyard project which is intended to bring Helix closer to cash-generative production.
Proceeds are also earmarked for two new production wells, plus further exploration and resource definition programmes in the Helix portfolio.
It comes as the company upgraded its estimates for the helium project in Montana.