First Helium (HELI ) has raised just under C$2.6 million via a non-brokered private placement of shares and warrants at C$0.05 per unit.
Each Unit is comprised of one share and one warrant.
Each Warrant will be exercisable to acquire one share at a price between C$0.10 to C$0.15, depending on the date of exercise.
The money raised will be used to fund additional asset development and operating expenses on the Worsley helium project in Alberta.
Considerable work has already been undertaken at Worsley, which looks particularly prospective in two specific areas, Blue Ridge and Leduc.
View from Vox
Good to see First Helium get this money in, after the raise was announced in April. Appetite for helium and helium projects remains particularly high in global markets at the moment, as the troubles in the Arabian Gulf have led to significant supply disruptions. Helium is used in various high-tech applications, and projects in North America, away from these disruptions, are highly sought after. Worsley offers the potential for multiple wells, so there’s lots to play for here, and it will be interesting to see how the work programme develops.