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Quantum Helium raises £5m to strengthen balance sheet
(Sharecast News) - Quantum Helium said on Friday that it has raised £5m through an institutional placing, strengthening its balance sheet as it advances development across its US helium projects.
The AIM-traded company, formerly known as Mosman Oil and Gas, said it issued 16.67 billion new shares at 0.03p each, with the placing arranged by OAK Securities and supported by a number of institutional investors following inbound interest.
It said the raise reflected growing recognition of its asset base and the strategic importance of domestic helium supply in the United States.
Proceeds would be used to advance development at the Sagebrush project, progress permitting and drill-ready targets at the wholly owned Coyote Wash project, and fund infrastructure design, technical work and general working capital.
The company said the funding positioned it for the next phase of growth while maintaining momentum across its operations.
Quantum added that its extended production test at the Sagebrush-1 well was progressing in line with expectations, with perforation and testing of the Lower Leadville Formation due to begin in the coming week, followed by the upper zone.
The programme was aimed at confirming helium concentrations, including previously reported levels of 2.76%, and evaluating flow characteristics as it moves towards commercial development.
"This is a very strong outcome for the company and we are pleased to have secured the support of a number of high-quality institutional investors who recognised the strength of our asset base and the opportunity we are developing," said chairman Carl Dumbrell.
"Importantly, this funding places the company in the strongest financial position it has ever been in and allows us to accelerate our development plans while maintaining momentum across our operations."
Chief executive Howard McLaughlin said the Sagebrush-1 testing programme "represents a major step towards unlocking the commercial potential of this project," adding that the company was now "fully funded to execute our broader work programme across both Sagebrush and Coyote Wash."
Admission of the placing shares was expected on or around 23 April, after which the company would have approximately 49.99 billion shares in issue.
At 1227 BST, shares in Quantum Helium were down 20.99% at 0.03p.
Reporting by Josh White for Sharecast.com.
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