Helium One (LON: HE1) shares opened lower Wednesday after the company said it has increased its fundraise to around £9.9 million (approximately $12.3 million).
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The company made the decision to raise the fundraise after significant investor demand.
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On Tuesday, The London-listed helium-exploration company said it was aiming to raise £7 million via a discounted placing and subscription, with the proceeds used for a targeted single well exploration drilling programme of the Tai prospect in the Rukwa Basin, Tanzania.
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The issue price was 5p per share, representing a discount of 26% to Helium One’s closing mid-market price on December 12.
Announcing the initial placing, Helium One’s Chief Executive David Minchin said the company is “poised for growth” as it prepares to commence Phase II exploration drilling at Tai.
“Capital raised through the proposed fundraising will allow the company to progress its Phase II exploration drilling. A discovery made at Tai will help to unlock the value of our entire portfolio and help grow the company into a strategic player in developing a new supply in this high-value, high-demand, high-tech commodity,” Minchin added.
Helium One said Wednesday that the additional funds raised will provide the company with “greater working capital flexibility during and after the proposed drilling program in 1Q 2023.”
HE1 shares are down 11.8% at the time of writing.
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