9th Apr 2024 09:25
(Alliance News) - Helix Exploration PLC on Tuesday made a bright start to life as a listed company with shares pushing past the initial public offering placing price.
Shares in Helix Exploration traded at 11.25 pence each on AIM in London on Tuesday morning, its first day of trading.
Helix Exploration is an exploration company focused on the commercial development and monetisation of a non-hydrocarbon associated helium rich gas structure in the Ingomar Dome located in central Montana.
Helix said it had raised GBP7.5 million through a placing of shares at 10p each, with book demand of GBP22 million heavily outstripping supply.
Helix said this gave the firm a market capitalisation of GBP12.2 million on admission.
Net proceeds of the fundraise will be used to fund scoping study and appraisal drilling at the Ingomar project.
Helix said it has set an aggressive development timeline which will see appraisal drilling targeted for the third quarter with first helium production targeted for the fourth quarter of 2025.
By Jeremy Cutler, Alliance News reporter
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