Australia's Noble Helium falls on A$6.1 mln stock issue

Noble Helium

27/10/2022 05:40

** Shares of Noble Helium Ltd  NHE.AX  fall as much as 14.3%
to A$0.150, their biggest intraday pct fall since May 6
    ** The helium explorer is to raise A$6.1 million ($3.96
million) at an issue price of A$0.15 per share in oversubscribed
placement, a 14.3% discount to the stock's last close on Oct. 24
    ** Proceeds to be primarily used to advance exploration
programs across the Tanzanian tenement portfolio and pre-drill
preparation, says co
    **  Noble Helium has a substantial landholding of premium
helium exploration acreage totalling 5,464km2 across four key
project areas in the East African Rift System (EARS) basins of
Tanzania: North Rukwa, North Nyasa, Eyasi, and Manyara
    ** Co further adds it will be well-funded with approximately
$10.3 million in cash at the placement's completion 
    ** Stock posts its lowest since Aug. 17
    ** More than 1 mln shares change hands vs the 30-day average
volume of 178,000 shares
    ** Stock has fallen 55.7% since co's debut listing on April
8, as of last close
($1 = 1.5404 Australian dollars)
 (Reporting By Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@Thomsonreuters.com))