Pulsar Helium (LSE:PLSR) shares dropped 20% on Thursday, on news it had raised £3.72 million (CAD$6.95 million) of new equity.
It sold around 15 million new shares priced at 23p each in London, plus a 1.2 million share subscription in Canada.
Proceeds are earmarked for the firm's Topaz helium project in Minnesota and for working capital. Planned activities include drilling up to ten new appraisal wells, a preliminary economic assessment, and a resource update.
The raise was supported by shareholder and lender University Bancorp, which increased its interest to 4.99% as a result.
In London, Pulsar shares were down 19.83% from Wednesday's 29p close, to today change hands at 23.25p.