Helium One Global Ltd has raised £3.5 million via a direct subscription of 583,333,334 new ordinary shares, at 0.6 pence per new ordinary share, by institutional investors.
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The issue price represents a discount of 17.6% to the closing mid-market price of the company’s existing ordinary shares on 25 March 2026.
The company also intends to raise a further £1m through a retail offer, which is due to end at noon on 27 March 2026.
Helium One said it would confirm the total number of new shares issued, and total voting rights, following completion of the retail offer.
Net proceeds will advance the Galactica 50-50 joint venture, which is part of the broader Galactica-Pegasus project in Colorado, USA.
Funds will additionally maintain the company’s main project in the southern Rukwa Basin in Tanzania ahead of determining a farm-out strategy, and also go towards general working capital.