Gold Hydrogen has received firm commitments for a $14.8 million institutional placement at $0.75 per share to existing and new shareholders.
The proceeds will be used to fund and advance a work plan to undertake further exploration, well testing and project development activities at the Ramsay Project in South Australia.
Gold Hydrogen managing director Neil McDonald said that the successful placement sets the company up for success in 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 per cent purity, as well as incredibly high helium concentrations of 6.8 per cent.
“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 of 18,740,000 new shares and will be issued within the company’s capacity. New shares are expected to be allotted on Wednesday, 13 December 2023.
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