Shares in Blue Star Helium (ASX:BNL) traded down 40% on Friday, Sept 13, the tranche one settlement date for the independent helium explorer and producer's AU$3 million institutional placement.
Blue Star Helium said it will issue 750 million new shares to institutional and sophisticated investors at AU$0.004 per share, with participants to receive one option for every two new shares issued.
Tranche one comprises 291,732,791 shares under the bourse's listing rule 7.1 and 194,488,529 shares under the listing rule 7.1a.
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