HYT secures funding for hydrogen and helium drilling program at Nemaha Ridge, Kansas
Project Name: Nemaha Ridge
Project Location: Kansas, USA
Project Stage: Exploration
ProjectBank Summary:
HyTerra Limited (ASX: HYT) is pleased to announce that it is undertaking a capital raising of approximately A$6.1 million (before costs) through a placement to sophisticated and professional investors and a subsequent fully underwritten non-renounceable rights issue to eligible shareholders. Funds raised will be used to execute a multi-well exploration drilling program and pursue growth activities along the Nemaha Ridge in Kansas, USA.
HyTerra Highlights:
Multi-well exploration drilling campaign planned to begin in Q3 2024.
Placement and fully underwritten non-renounceable rights issue to raise approximately A$6.1 million.
Shares to be issued at A$0.018 per share, a ~5% discount to the closing price of HyTerra shares on 25 March 2024.
Funds will be used for leasing high-priority acreage, drilling exploration wells, and acquiring geophysical data.
Additional activities include resource evaluations, project generation, and commercialisation plans.
MD/CEO Statement:
Avon McIntyre, Executive Director, commented: "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 give us the certainty to proceed with the drilling program and secure the services of key contractors we have been engaging with over recent months."
