IN BRIEF: Quantum Helium raises GBP5 million through placing
Quantum Helium Ltd - Sydney-based miner targeting helium, hydrogen and hydrocarbons in the US and Australia - Raises GBP5 million through a conditional placing of 16.67 billion new ordinary shares at 0.03 pence each. Says it undertook the placing with multiple institutional investors who approached it, "reflecting growing interest in Quantum's asset base and the strategic importance of domestic US helium supply." Says it intends to use the proceeds to advance development, planning and engineering works at its Sagebrush project; to progress permitting, planning and work towards drill-ready targets at its Coyote Wash project; to dund well planning, long-lead items and infrastructure design at both projects; to support ongoing technical work, including seismic interpretation and subsurface modelling; and for additional working capital and financial flexibility. Says it is using existing cash resources to fund "the key near-term operational milestone" of its extended production test at the Sagebrush-1 well. Adds that it "expects a number of significant operational updates in the coming weeks," with the next phase focused on perforating and testing the first of two zones in the Leadville Formation. Says perforations are scheduled to start this coming week. Read More