Helium One Global Ltd raised £6.1 million through the issue of 2,420,842,500 new ordinary shares, of no par value in the capital of the company, each at a price of 0.25 pence.
DIRECTORS’ DEALINGS
The oversubscribed fundraise comprised a placing of 2,413,642,500 new ordinary shares, raising £6m, and a direct subscription of 7.2m new ordinary shares for £18,000.
Helium One said that the issue price represented a discount of approximately 72% to the closing price of 0.09* pence per ordinary share on 19 December 2023.
The company will also issue 25,078,500 ordinary shares at the same price in lieu of certain advisory fees.
All directors and a senior staff member subscribed for the 7.2m shares.
Chief executive officer Lorna Blaisse subscribed for 2m shares taking her total company holding to 2,173,333, representing 0.06% of the issued share capital.
Finance and commercial director Graham Jacobs (1,193,333, 0.04%); senior independent non-executive director Sarah Cope (1,095,857, 0.03%; and NED Nigel Friend (983,333, 0.03%) each subscribed for 800,000 shares.
Non-executive chairman James Smith (623,333, 0.02%) and NED Russel Swarts (600,000, 0.02%) each subscribed for 400,000 shares.
USES
Funds raised will go towards drilling the Itumbula West-A well on the company’s Rukwa licence in Tanzania.
On admission, Helium One’s issued and fully paid share capital will consist of 3,402,377,430 ordinary shares, each with one voting right. The company holds no shares in treasury.
The fundraise shares will represent approximately 71% of the company’s enlarged issued share capital.
*this figure might be a typographical error in the news release and should read 0.9 pence