First Helium updated the terms of its previously announced private placement from Oct-Nov'23 where it intended to raise C$5mm in equity. The revised placement now targets raising up to C$3mm via issuing 60mm units (vs 55.6mm units), priced at C$0.05/unit (reduced for the second time – first from C$0.10/unit and then from C$0.09/unit). Each unit consists of one common share and a warrant, to purchase an additional share at a strike price of C$0.075 (vs the original strike price of C$0.12) within 36-months. The proceeds are intended for the development of the Worsley project and general working capital. Concurrently, the company has decided not to proceed with its previously announced Short Form Prospectus offering due to unfavourable market conditions, and has withdrawn the preliminary prospectus filed in Nov'23.
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