Blue Star Helium (ASX:BNL) institutional placement announcement

Blue Star Helium Limited (ASX:BNL) has successfully secured firm commitments to raise A$3.0 million through an institutional placement. The placement involves the issuance of 750,000,000 new ordinary shares at an issue price of A$0.004 per share. Additionally, participants in the placement will receive one free option for every two new shares subscribed, subject to shareholder approval. The funds raised will be utilized to advance helium development and exploration evaluation activities across the company's Las Animas County acreage in Colorado, including the Galactica/Pegasus and Serenity Projects, as well as to support the company's continued exploration and acquisition strategy.

Executive Commentary on the Placement

We are very pleased to have received such encouraging support from existing shareholders. We look forward to an exciting quarter of activity across multiple projects culminating in production early in H1 2025.

Summary of Blue Star Helium's Placement Announcement

Blue Star Helium (ASX:BNL) has successfully raised A$3.0 million through an institutional placement, with strong support from existing sophisticated, professional, and institutional shareholders. The funds raised will enable the company to advance helium development and exploration evaluation activities across its world-class Las Animas County acreage in Colorado, including the Galactica/Pegasus and Serenity Projects, and to continue its exploration and acquisition strategy. The placement will be completed in two tranches, with settlement of Tranche 1 expected to occur on September 13, 2024, and quotation of Tranche 1 New Shares expected on September 16, 2024. The Managing Director and CEO, Trent Spry, expressed optimism about the upcoming quarter of activity across multiple projects, anticipating production early in H1 2025. Blue Star Helium's strategy is to find and develop new supplies of low-cost, high-grade helium in North America, and the successful placement marks a significant step towards achieving this goal.