First Helium Closes $9.2 Million Private Placement Ahead Of Go-Public

First Helium announced this morning that it has closed its previously announced private placement. The financing raised gross proceeds of $9.2 million in the form of subscription receipts ahead of the firms planned public listing on the TSX Venture.

The financing saw subscription receipts sold at a price of $0.35 per each, with each subscription receipt converting to one unit of the company upon meeting escrow conditions, which among other items includes conditional approval to list on the Venture. Each unit contains one common share and one half of a common share purchase warrant, with each warrant valid for a period of two years from the date of issuance and containing an exercise price of $0.50.

The company also noted that the full over-allotment option was exercised, while the President’s List amounted to total proceeds of $1.7 million. The company also noted that it recently closed a convertible debenture financing for gross proceeds of $2.8 million, however the release did not provide details on this financing.

Proceeds from the offering are to be used to advance the Worsley Helium Project’s development, for working capital, and general corporate purposes.

First Helium is expected to list within 120 days of the closing the financing.

Information for this briefing was found via Sedar and First Helium. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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