Altura Energy Corp. (TSXV: ALTU) (OTCQB: ALTUF) has arranged a non-brokered private placement with an unnamed conglomerate from an unspecified Southeast Asian nation, raising C$3 million to advance its helium project in Arizona, according to a company statement.

The offering consists of 18,541,400 units priced at $0.1618 per unit. Each unit includes one common share and one share purchase warrant exercisable at $0.25 for 36 months from closing. The corporate investor will acquire approximately 19.95% non-diluted ownership in the company based on its current capital structure.

An accelerated expiry provision allows Altura to shorten the warrant exercise period to 60 days if the share price closes at $1.00 or higher for 10 consecutive trading days.

As part of the transaction, Altura and the investor anticipate entering into an investor rights agreement granting the investor the right to participate in future financings on a pro rata basis, provided it maintains at least 9.99% ownership. The investor would also gain the right to nominate one board director if it holds at least 5% of outstanding shares.

Altura intends to use proceeds for its flagship project in Arizona's Holbrook Basin and for general working capital. Closing is subject to regulatory and shareholder approvals, including from the TSX Venture Exchange.

The company is also expected to issue advisory units to a brokerage firm that facilitated the introduction of the corporate investor.