11:14 AM EDT, 05/08/2024 (MT Newswires) -- Royal Helium Ltd. ( RHCCF ) said Wednesday it raised proceeds of C$6 million by closing its bought deal public offering of shares.

The company sold an underwriting syndicate 66.67-million units priced at $0.09 and made up of a share and a three-year warrant to buy a second share for C$0.12..

The warrants will start trading on the TSX Venture Exchange under the symbol "RHC.WT.B" by May 13.

The company plans to use the proceeds for new high-impact drilling on the 40 Mile project in southern Alberta, development through the Saskatchewan helium corridor, completion and testing of an existing discovery at the Ogema project, working capital, and general corporate purposes.

The company's shares were last seen down C$0.005 to C$0.07 on the TSX Venture Exchange