Australia's Noble Helium posts record fall on $8.9 mln discounted placement

Noble Helium

05/06/2023 03:08

** Shares of Noble Helium Ltd  NHE.AX  dip as much as 22.9%
to A$0.185, their biggest ever intraday fall, if losses hold 
    ** The helium explorer says it has received firm commitments
to raise A$13.5 mln ($8.90 mln) before costs through a
two-tranche placement 
    ** Issue price of A$0.18 per share is at a 25% discount to
last close on May 31
    ** Says funds will be used to drill and test the first well
and purchase long lead items for the second well at North Rukwa
Project
    ** Adds farmout heads of agreement with Prime Energy Consult
terminated in favour of significantly less dilutive equity
raising
    ** Shares hit their lowest level since May 22
    ** About 1.6 mln shares exchange hands vs the 30-day average
of 366,518 shares
    ** NHE stock up 54.8% YTD, as of last close 


($1 = 1.5161 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))