Helium One Global (LON:HE1), the primary helium explorer in Tanzania, has announced that, following the announcement on 13 December 2022 regarding the launch of a proposed placing and a direct subscription, the Company has made the decision, as a result of significant investor demand, to increase the Fundraise to a total of approximately £9.9 million (approximately US$12.3 million). The additional funds will provide the Company with greater working capital flexibility during and after the proposed drilling programme in Q1 2023.
Helium One Global and the Joint Bookrunners are completing the final administrative elements of the Fundraise and the Company will release an announcement in due course confirming the final details of the Fundraise.
The company, holds prospecting licences totalling 2,966km2 across three distinct project areas, with the potential to become a strategic player in resolving a supply-constrained helium market.
The Rukwa, Balangida, and Eyasi projects are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country. The assets lie near surface seeps with helium concentrations ranging up to 10.6% He by volume. All Helium One’s licences are held on a 100% equity basis and are in close proximity to the required infrastructure.
The Company’s flagship Rukwa Project is located within the Rukwa Rift Basin covering 1,900km2 in south-west Tanzania. The project is considered to be an advanced exploration project with leads and prospects defined by a subsurface database including multispectral satellite spectroscopy, airborne gravity gradiometry, 2D seismic data, and QEMSCAN analysis. The Rukwa Project has been de-risked by the 2021 drilling campaign, which identified reservoir and seal with multiple prospective intervals from basin to near surface within a working helium system.
Helium One is traded on the AIM market of the London Stock Exchange with the ticker of HE1 and on the OTCQB in the United States with the ticker HLOGF.
