Noble Helium raised $14 million by selling 107,692,308 new shares at 13 cents each to investors.
The funding will be primarily used for the Mbelele Program, including appraisal and testing of the North Rukwa Helium Project in Tanzania.
The shares will be issued in two tranches, with the first tranche consisting of 53,824,029 shares and the second tranche with 53,868,279 shares and 107,692,308 options.
The company is progressing in commercial negotiations to secure a leased plant and offtake agreement.