Blue Star Helium raised A$3mm (~US$2mm) through an institutional placement of 750mm new shares at A$0.004/sh, with participants receiving one option for every two shares. The 375mm options have a strike of A$0.01/sh with an expiry of 2 years. The funds will support helium exploration and development in Las Animas County, Colorado, including the Galactica/Pegasus and Serenity projects. The placement will be completed in two tranches, with settlement of Tranche 1 expected on 13 September 2024. This placement comes after Blue Star farmout out 50% interest in the Gal/Peg project to Helium One for US$1.5mm in addition to Helium One agreeing to fund a 6 well drilling programme.
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