Helium One Raises £6.1mm Through a Deeply Discounted Raise

Helium One Global raised £6.1mm (~US$7.7mm) through a placing and direct subscription, issuing 2.4bn new shares at a price of 0.25p/sh, representing a 72% discount from the previous close. Originally targeted at £5.8mm, the fundraising was oversubscribed. The proceeds will be utilised to complete the drilling of the Itumbula West-A well in Tanzania after the disappointing results at Rukwa. As of June 2023, the company had 0.82bn shares outstanding. Following recent equity issuances, including options, cash payments, and the current raise, the total shares outstanding will increase to ~3.4bn.

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