Noble Helium (ASX:NHL) is facing its worst day since June 5, assuming the losses hold.

The company, which explores for helium, announced it has received firm commitments to raise A$12.0 mln ($7.70 mln) through a share placement.

The issue price of A$0.20 per share signifies a 21.6% discount to the closing price on August 16.

The raised funds will be utilized for the drilling of the company’s second exploration and appraisal well at the North Rukwa Helium Project in Tanzania in the third quarter of 2023.

Meanwhile, Noble Helium (ASX:NHL) shares hit their lowest levels since July 6.

Despite today’s plunge, the stock remains up by approximately 64.5% this year, as recorded at last close.

Noble Helium (ASX:NHL) is a company that specializes in the exploration for helium.