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First Helium Intends to Raise C$5mm in Equity

First Helium filed a preliminary prospectus for a marketed public offering of units at C$0.09/unit, aiming to raise ~C$5mm or C$4.3mm net of fees. Each unit comprises one share and one purchase warrant at C$0.12/sh for 36 months. The Company’s original private placement to raise C$2.5mm announced on 12th October has been amended to in line with the current placement terms, reducing the issue price from C$0.10/s to C$0.09/sh. The company aims to allocate most of the Offering's proceeds to develop the Worsley Property by drilling and completing a development well (C$2.5mm), re-entering an existing well for testing oil, gas, and potential helium zones (C$0.8mm), and acquiring more lands based on its proprietary 3D seismic program analysis.

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