Helix Exploration launches £2.2m placing to fund helium ramp-up

Helix Exploration Plc ( (GB:HEX) ) has provided an update.

Helix Exploration plans to raise at least £2.2 million gross via a non-underwritten placing of a minimum 8.8 million new shares at 25 pence each, a 12% discount to the recent 15-day VWAP. The accelerated bookbuild, run by Hannam & Partners with Cairn as nominated adviser, is expected to lead to admission of the new shares to trading on AIM on 6 March, subject to customary conditions.

The net proceeds, expected to be no less than £2 million, will bolster working capital, fund re-entry and perforation of the Inez well, and cover corporate costs as Helix scales up production at its Rudyard helium project. By reinforcing its balance sheet just after first production and while offtake negotiations progress, the company aims to strengthen its commercialisation efforts and support capacity expansion within the Montana Helium Fairway.

More about Helix Exploration Plc

Helix Exploration Plc is a helium exploration and development company focused on near-term production assets in the Montana Helium Fairway in the U.S. Its activities centre on discovering, developing and commercialising helium resources, with a flagship project at Rudyard where production has recently commenced. The company is listed on AIM and targets growing demand for secure helium supply.

Average Trading Volume: 1,339,430

Technical Sentiment Signal: Buy

Current Market Cap: £56.9M

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