Helium One Global Ltd has raised £3 million via a placing of 1,034,482,758 new ordinary shares, at 0.29p per share, to drill more wells at its US project and pay a mining licence fee in Tanzania.
The company holds a 50% working interest in the Galactica-Pegasus helium development project in Colorado, which generated first revenues during July, and 100% of the southern Rukwa project.
Helium One will also issue a further 10,344,827 new ordinary shares of no par value each at the same price in lieu of cash payment for the placing fees.
Following admission, the company’s total issued share capital will comprise 11,200,319,800 ordinary shares, with none held in treasury.
At Galactica-Pegasus, six development wells are tied in and in production, ahead of increasing production and commercialising carbon dioxide alongside helium.
The company’s partner and operator Blue Star Helium Ltd aims to begin continuous operations at the Pinon Canyon processing plant, with full nameplate capacity targeted by the end of 2027, supported by up to 15 wells.
The plant is designed to produce around 2,200 million cubic feet (Mcf) of helium and 44,500 Mcf of carbon dioxide per month for full nameplate capacity.
Blue Star also plans to drill three additional development wells across Galactica during the final quarter of 2026, a further six development wells in 2027 and deepening three existing wells.
In Tanzania, Helium One continues its farm-out process for Rukwa, with “a number” of interested parties currently in the data room.