Gold Hydrogen Completes $14,8m Institutional Placement.
Gold Hydrogen Limited (ASX: GHY) (‘Gold Hydrogen’ or the ‘Company’) is pleased to advise it has received firm commitments for a $14.8 million institutional placement at $0.75 per share to existing and new institutional and sophisticated shareholders (the ‘Offer’).
The proceeds raised from the Offer will be used to fund and advance a work plan to undertake further exploration, well testing and project development related activities on the Ramsay Project.
Highlights
The Offer was materially over-subscribed, endorsing the value proposition in Gold Hydrogen’s Ramsay Project.
Introduction of new well-known resource sector specific institutional funds strengthening the Company’s position and register.
Well-funded with circa $25m cash plus future R&D tax incentive refunds to further define its highly prospective Ramsay Project.
Significant commercial opportunities highlighted by discovery of hydrogen and world-class helium concentrations.
Neil McDonald, Gold Hydrogen Managing Director, said:
This successful placement sets Gold Hydrogen up for an exciting 2024. We are thankful for the ongoing support from our existing shareholders and welcome our new shareholders on this very exciting journey.
“We are looking forward to continuing our exploration campaign and undertaking further analysis of our recent drilling results which has to date validated and confirmed the historical results by finding hydrogen up to 73.3% purity, as well as incredibly high helium concentrations of 6.8% (raw gas). Testing and analysis of Ramsay 1 and Ramsay 2 is ongoing but the results to date indicate that the Ramsay Project is potentially a world-class hydrogen and helium project.”
The Offer comprises 19,740,000 new shares and will be issued within the Company’s available capacity under ASX Listing Rule 7.1. It is expected to settle on Tuesday, 12 December with new shares to be allotted on Wednesday, 13th December 2023. Morgans Corporate Limited acted as Lead Manager and Bookrunner to the Offer.
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Gold Hydrogen Completes $14,8m Institutional Placement. source
