Helium One Global Ltd has raised £10 million via a “significantly oversubscribed” subscription and placing of 100m ordinary shares each at 10p, representing a 14.5% discount.
Proceeds will be used to continue the fast-track development programme of the Rukwa project in Tanzania.
The fundraise involved institutional and other investors while Helium One directors participated in the subscription.
A total 41,349,909 placing shares were by Cannacord Genuity, 33,957,791 ordinary shares by Peterhouse Capital Ltd, 23,676,300 ordinary shares by Pello Capital Limited and 1,016,000 subscription shares.
Director subscriptions for 100,000 shares were from senior independent non-executive director Sarah Cope taking her total to 112,524, chief executive David Minchin and non-executive director James Smith each now holding 100,000 shares.
Non-executive chairman Ian Stalker subscribed for 200,000 shares, talking his total held to 10,647,443 shares representing 1.78% of the issued share capital on admission.
Principal geologist Lorna Blaise was awarded options to subscribe for 3m ordinary shares at 10p per share subject to various performance hurdles.
The total issued shares represent approximately 20% of Helium One’s existing issued ordinary share capital.
Following admission of the 100m fundraise shares, the company’s issued share capital will consist of 599,762,065 ordinary shares, with voting rights.
Helium One holds no shares in treasury.