Helix Exploration, the Montana-focused helium explorer and developer, has completed a placing of 8.8 million new shares at 25p each, raising gross proceeds of approximately £2.2 million.
The placing was conducted at a discount of 19% to last night’s closing share price.
The fundraise, conducted via an accelerated bookbuild with Hannam & Partners acting as sole bookrunner and broker, will provide the company with working capital to support its ongoing operations.
Net proceeds will be directed principally towards operational working capital, the re-entry and perforation of the Inez well, and general corporate and administrative expenses.
The Inez re-entry has already identified the well as a target for integration into its broader production infrastructure at the flagship Rudyard project in Montana’s Helium Fairway, and the placing gives it the funding to push that work forward.
In late February, Helix announced it had achieved first helium gas production at Rudyard, making it the first helium producer in the state of Montana.
Three production wells are now online and processing helium gas through the on-site PSA plant, with capacity set to scale towards full production over the coming months as the operational team beds in processes around the facility. The Inez well could be brought into production once testing is complete.