Helium exploration company Noble Helium (ASX: NHE) has secured US$ 3 million in new funding that are primarily to be used in the ongoing exploration activities in Tanzania’s North Rukwa and North Nyasa basins.
In an announcement dated 23rd September 2024, the company explained that it will raise the capital through a share placement, selling 66,666,667 fully paid ordinary shares at US$ 0.045 per share.
The price represents a 16.7% discount to Noble Helium’s last trading price of US$ 0.054 on 18th September 2024 and a 22.1% discount to the 10-day volume-weighted average price.
The capital will also fund preliminary work in preparation for exploration activities in the 2025 dry season on the eastern margin of the same basin.
The company is also allocating funds for the renewal of key exploration licenses and early-stage exploration activities across its other Tanzanian license areas
Beyond exploration, part of the funds will be directed toward general corporate expenses and working capital.
Noble Helium in Tanzania
Australia’s Noble Helium has four key projects in Tanzania, covering a total of 5,464 km² of premium helium acreage aimed at diversifying the global helium supply chain.
These projects include the North Rukwa, North Nyasa, Eyasi, and Manyara basins.
In the North Rukwa Basin, Noble Helium holds 12 Prospecting Licences (PLs) covering 1,468 km².
The company was also awarded two PLs in the North Nyasa Basin’s onshore area, totaling 466 km², in November 2021.
Additionally, Noble Helium holds five PLs covering 1,138 km² in the Eyasi Basin and has applied for four PLs covering 855 km² in the Manyara Basin, both located in central northern Tanzania.
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