Grand Gulf announces to raise AU$2.5 million via placement to accelerate Red Helium Project

Grand Gulf Energy Ltd (ASX: GGE) reported that it has secured firm commitments for a placement totalling AU$2.5 million before fees. Several new and existing professional and sophisticated investors well supported the Placement. It provides Grand Gulf with a strong cash balance to optimise and accelerate production and development of the potentially company-making pure-play helium well, Jesse-2, at the company's Red Helium Project in southeast Utah.

The funds obtained through the Placement will be used to optimise and expedite the construction and development of Jesse-2, including long lead manufacturing equipment, subject to Jesse-2's performance.

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