First Helium (TSXV: HELI) (OTCQB: FHELF) is a Canadian company that explores, acquires, develops, and produces helium, petroleum, and natural gas in Alberta, Canada. The company announced in a press release yesterday a non-brokered private placement financing of 41,666,667 Units of the Company (“Units”) at a price of $0.06 per Unit for aggregate gross proceeds of C$2.5 million.
One Unit will be comprised of one common share in the capital of the First Helium and one transferrable common share purchase warrant, which will be exercisable to acquire one Share at a price of $0.09 cents per Share for a period of 36 months from the date of issuance, subject to an acceleration clause. The proceeds will be used to fund additional asset development and operating expenses on its Worsley project, as well as for general working capital.
First Helium seeks to be one of the leading independent providers of helium gas in North America. The company holds over 53,000 acres along the highly prospective Worsley Trend in Northern Alberta, which has been the core of its exploration and development drilling activities to date.
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