Noble Helium Limited has received firm commitments from institutional, sophisticated, and accredited investors to raise AUD$14 million (before costs) through a placement of a total of 107,692,308 million fully paid ordinary shares in the capital of the Company (Placement Shares) at an issue price of $0.13 each (Placement).
The funds will be primarily used for the Mbelele program including appraisal and testing at its North Rukwa Helium Project in Tanzania in Q3 2023.
Noble Helium Chief Executive and Co-founder, Mr Justyn Wood, said:“The two wells at Mbelele have confirmed that the North Rukwa is a unique and prolific helium producing province. With this funding we will now move as quickly as possible to appraise and test both the crestal gas cap identified and the deeper sections of Mbelele-2, which has been cased and suspended ready for a flow test and as a potential future producing well.
In parallel, we will continue to advance our commercial negotiations towards securing a leased plant and offtake agreement. The production requirements are small, only 0.2 bcf per annum and just 2 bcf to underpin a significant and company-making 10 year contract – which is well within reach.”
