Blue Star Helium Ltd (ASX:BNL) (OTCMKTS:AZZEF) has been granted a trading halt pending the release of an announcement regarding the acquisition of material mineral leases.
The halt will remain in place until the start of regular ASX trading on Tuesday, December 22, or when an announcement is released to the market, whichever occurs earliest.
Fundraising initiative
Recently the company has raised around $6 million through a placement to fund a multi-well drilling program and further material lease acquisitions.
The placement to sophisticated and professional investors at 3.5 cents per share was strongly supported.
Managing director Joanne Kendrick said: “We are very pleased by the level of support we have received from investors.
“We have an incredibly busy schedule and this placement ensures we are funded to focus on delivering strategic leasing acquisitions and our maiden drilling campaign.”
Additional acreage
The company also recently acquired an additional 6,720 acres across its portfolio bringing its total land position in Las Animas, Colorado, to 182,000 gross (127,000 net) acres.
The additional acreage was secured by new leases won at the November Colorado State land auction.
Kendrick said: “These additional leases further advance our overall portfolio of prospects and leads in the Lyons Formation helium play, which has been proven in the area by the historical Model Dome field.”