Helium One Global Ltd has raised £4.7 million before expenses through a company-led placing of 313,333,333 new ordinary shares at a price of 1.5p per share.
The placing price represents a discount of approximately 30% to the closing share price of 2.16p on 6 February 2024.
Following admission, Helium One’s issued and fully paid share capital will comprise 3,715,710,763 ordinary shares, each with one voting right. The company holds no shares in treasury.
Proceeds raised will be used to progress planning for the next stage of the work programme in Tanzania.
Helium One said that the placing was undertaken with long-term supportive investors, with Peterhouse Capital acting as the placing agent.