Noble Helium (ASX:NHE) is set to raise AU$3 million via the placement of 66.7 million shares priced at AU$0.045 apiece, according to a Monday filing with the Australian Securities Exchange.

In tranche one, 46.7 million shares will be issued, while the remaining 20 million shares will be issued in tranche two, subject to shareholder approval, the filing said.

Proceeds will be mainly used for exploration activities in the North Rukwa and North Nyasa basins in Tanzania, renewal of exploration licenses, and costs for dual listing on AIM in the UK, according to the filing.

MST Financial Services and CPS Capital Group were the joint lead managers for the placement.

Noble Helium shares slumped 13% in morning trade Monday.