Royal Helium announced an overnight marketed offering of C$3mm which was later upsized to C$5.175mm in aggregate gross proceeds. The offering, with a price of C$0.24/unit, comprises one common share and one purchase warrant, allowing the holder to purchase a common share at an exercise price of C$0.31/sh for 36 months from the closing of the offering. The first tranche, expected to close around November 14, 2023, will be C$4.5mm, followed by the second tranche of C$675k around December 14, 2023. The net proceeds will be utilised for to complete the Ogema and Val Marie wells, design and engineering for offtake gas facilities, and general corporate purposes.
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