"Helium One is moving rapidly towards drilling of the exciting Rukwa Basin natural helium play and is fully funded to prepare for that work," said Neil Ritson
The capital investment was supported by investors from Asia, Australia, and Africa.
The AIM-quoted firm will retain a 13.8% interest in Helium One following the equity issue and the funding round sets a valuation of £2.84mln for Solo’s stake.
The company will advance to a stock market float with an IPO anticipated alongside key drilling milestones later this year.
Neil Ritson, the chairman of Solo Oil said "Helium One is now moving rapidly towards drilling of the exciting Rukwa Basin natural helium play and is fully funded to prepare for that work, which could be underway in late 2018,”
“Solo has played a key role in helping to progress to this point, through our technical service agreement, and close engagement with the Helium One Board”.
“The Rukwa has some of the largest and best defined natural helium prospects so far identified globally and we l look forward to significant further progress in the next few months."