“The fundraise has seen broad support from a number of institutional and other investors”
() has raised £10mln gross through an oversubscribed subscription and placing at 10p per share.
Proceeds will be used for fast-tracking the Rukwa project in Tanzania and to keep equipment in the field for appraisal work after a drilling programme completes.
Helium One added it also intends to carry out seismic studies over any discovery to maximise conversion to reserves and allow the field appraisal programme to be completed by the end of 2021.
David Minchin, chief executive, said: “We are delighted to be able to continue the fast-track development of our Rukwa project in Tanzania.
“The response that we have seen during this oversubscribed fundraise endorses the confidence that we feel in our assets and planned exploration drilling campaign, as well as giving financial support necessary to contract all appraisal work to avoid downtime between any discovery and economic evaluation.
“The fundraise has seen broad support from a number of institutional and other investors, who support our aggressive exploration and appraisal strategy, as well as the quality and scale of our assets.
“Helium remains a vital resource, essential and irreplaceable, and which is a crucial component of growing next-generation technology focussed business, Minchin added.