- Helium explorers Blue Star Helium (BNL) has entered back-to-back trading halts as it prepares to raise capital
- So far, details about the capital raise are unknown, however, more information on this will be released to the market by Monday
- Yesterday, the company upgraded the potential resources for two high-grade targets, Enterprise and Galileo, at its Las Animas helium project in Colorado
- Due to this increase, Blue Star will increase its maiden drilling campaign to a minimum of three wells
- On the market, Blue Star last traded for 3.9 cents on November 16
Blue Star Helium (BNL) has entered back to back trading halts ahead of an upcoming capital raise.
Currently, there are no details on how much the company is aiming to raise and where the funds will go.
It is expected the trading halt will end on Monday, November 23, or when more details about the raise are released to the market.
Blue Star is a helium exploration and production company with operations in North America.
Yesterday, the company upgraded the potential resources for two high-grade targets, Enterprise and Galileo, at its Las Animas helium project in Colorado.
The targets have seen a 16 per cent increase to 3.5 billion cubic feet of net recoverable helium in the 2U/P50 category.
Because of this, Blue Star will increase its maiden drilling campaign to a minimum of three wells to test multiple prospects, as opposed to the just one well which was originally planned.
However, these wells will need drilling permit approvals and agreements, and Blue Helium hopes to receive these authorisations in early 2021.
On the market, Blue Star last traded for 3.9 cents on November 16.