Noble Helium raises $12m for second North Rukwa well


Helium exploration company Noble Helium (Noble) announced today (18th August) that it has raised $12m through a placement of a total of 60m fully paid ordinary shares in the capital of the Company at an issue price of $0.20 each (Placement).

Having received the funds through firm commitments from ‘institutional, sophisticated and accredited’ investors, Noble will use the investment to drill the company’s second exploration and appraisal well — Mbelele-2 — at its North Rukwa Helium Project in Tanzania in Q3 2023.

According to Justyn Wood, Chief Executive and Co-founder of Noble, the company is close to a transformational moment with the drilling of its first two wells imminent.

“The ability to design Mbelele-2 to appraise Mbelele-1 as well as test deeper targets, will be pivotal in capturing the fast-track commercialisation opportunities we have identified,” he said.

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