Helium One Global Ltd (AIM:HE1) said in a filing it has launched a proposed subscription to raise gross proceeds of £3.5 million (approximately US$4.7m) at an issue price of 0.6p per new ordinary share, and an additional Retail Offer targeting gross proceeds of £1.0 million (approximately US$1.3m).
The company said the funding is intended to support drilling and development activity following the successful completion of stage one of the Galactica Project development campaign by its JV partner.
Chief Executive Lorna Blaisse commented: "With the announcement today by the Company's JV partner of the successful completion of stage one of the Galactica Project development campaign, the Board of Helium One believe it is important that the company has sufficient funds to maintain the drilling and development programme to maximise early revenue potential from the project, particularly in light of recent global events which have positively impacted the helium market dynamics. Any additional proceeds raised from the Retail Offer will help facilitate an extended working capital runway."
