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Home Investment

Noble Helium raises $12 million for second North Rukwa well

by Editor
21/08/2023
in Investment
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Noble Helium raises $12 million for second North Rukwa well
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Noble Helium Limited  has received firm commitments from institutional, sophisticated, and accredited investors to raise $12.0 million (before costs) through a placement of a total of 60 million fully paid ordinary shares in the capital of the Company (Placement Shares) at an issue price of $0.20 each.

The funds will be used to drill the Company’s second exploration and appraisal well at its North Rukwa Helium Project in Tanzania in Q3 2023.

Noble Helium Chief Executive and Co-founder Justyn Wood, said: “With Marriott Rig #16 now in transit to Tanzania, well site preparations underway, and detailed well design completed we are very close to a potentially transformational moment for Noble Helium, with the drilling of our first two wells.”

Noble Helium Limited  has received firm commitments from institutional, sophisticated, and accredited investors to raise $12.0 million (before costs) through a placement of a total of 60 million fully paid ordinary shares in the capital of the Company (Placement Shares) at an issue price of $0.20 each. PHOTO | COURTESY.

“The ability to design Mbelele-2 to appraise Mbelele-1 as well as test deeper targets, will be pivotal in capturing the fast-track commercialisation opportunities we have identified.

The ability to drill Mbelele-2 as both an exploration and appraisal well as part of this initial program, will allow field development planning and offtake arrangements to be advanced during the wet season, with quick execution of further exploration, appraisal and development drilling possible, having made provision to stack Rig #16 onsite once the current program is complete.

Placement details

30,117,315 Placement Shares will be issued pursuant to the Company’s placement capacity underListing Rule 7.1 and 29,882,685 Placement Shares will be issue pursuant to the Company’s placement capacity under Listing Rule 7.1A.

The issue price of $0.20 represents a 21.6% discount to the last trading price of $0.255 on 16 August 2023 and a discount of 16.8% to the 5-day volume weighted average price of the Company’s shares traded on ASX of $0.24.

Wilsons Corporate Finance Limited and MST Financial Services Pty Ltd acted as Joint Lead

Managers of the Placement (JLMs). The JLMs will receive a fee of 6% (plus GST) of the gross proceeds raised under the Placement.

Tags: #LatestBusinessNews#LatestTanzaniaBusinessNews#LatestTBWNews#TanzaniaBusinessNews
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