Blue Star Helium to Raise AU$3 Million via Institutional Placement; Shares Down 17%

MT Newswires Live09-05

Blue Star Helium (ASX:BNL) has received firm commitments to raise AU$3 million through a two-tranche institutional placement of 750 million new ordinary shares at AU$0.004 apiece, according to a Thursday filing with the Australian bourse.

The placement includes one free unlisted option for every two new shares subscribed for, exercisable at AU$0.01 and expiring two years from the date of issue.

Chief Executive Officer Trent Spry, or his nominee, intends to subscribe for up to 3.5 million new shares and approximately 1.8 million new options, subject to shareholders' approval, the filing stated.

Proceeds will be used to fund the helium explorer and producer's activities across its Las Animas County acreage in Colorado, according to the filing.

Blue Star Helium's shares were down nearly 17% in recent trade.

Price (AUD): $0.01, Change: $-0.0010, Percent Change: -16.67%

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