HyTerra to raise A$6m for hydrogen and helium drilling in Kansas

HyTerra wants to raise A$6.1m for a hydrogen and helium drilling programme in Kansas.

The exploration company said it wants its multi-well exploration drilling campaign in Nemaha Ridge to begin in Q3 2024.

HyTerra’s exploration acreage covers over 9,600 acres and is 100% owned and operated. Hydrogen and helium occurrences have been recovered previously from wellbores within these leases.

Specifically, the capital raising will help fund additional geophysical data acquisition, resource evaluations, project generation, prospect evaluation, and commercialisation plans.

Avon McIntyre, Executive Director of HyTerra, said the company will immediately invest the raised capital into the programme.

He continued, “This capital raising is a watershed moment for not only HyTerra, but the whole white hydrogen sector. White hydrogen made by nature could be a gamechanger.”

“We have multiple hydrogen and helium drill targets in our lease portfolio and are eager to get them drilled. This placement and fully underwritten rights issue gives us certainty to proceed with the drilling program and secure the services of key contractors we have been engaging with over recent months.”

The exploration firm said it intends to raise the capital through a placement to investors and a subsequent fully underwritten non-renounceable rights issue to eligible shareholders.

Hydria has received firm commitments to raise up to $878,400 before costs via the issue of approximately 48.8 million fully paid ordinary shares in the capital of the company at an issue price of $0.018 per share.