Mosman Oil and Gas Ltd (AIM:MSMN) has raised £1.67 million through a placing to fund ongoing development at its helium projects in the United States.
The placing sees the issue of 7.41 billion new shares, priced at 0.0225p each, and was arranged by SP Angel Corporate Finance and CMC Markets UK as joint brokers.
Proceeds will be used at the Sagebrush and Coyote Wash projects in Colorado, where the company plans to advance toward 'drill-ready' status.
Activities include completing a prospective resource validation at Coyote Wash and 3D seismic acquisition, extended well testing and facility design at Sagebrush.
Mosman also plans to launch a separate retail offer of up to £500,000 to allow existing shareholders to participate at the same price.
"This successful placing provides the capital needed to drive the next phase of development across our world-class helium assets in Colorado," Mosman chair Carl Dumbrell said.
"The coming quarters will be an exceptionally active period for Mosman as we complete 3D seismic at Sagebrush, progress the Coyote Wash resource validation and prepare for and conduct extended well testing.
"We thank our investors for their continued support and look forward to delivering material progress and value creation through Q4 and into 2026."