Helium One raises £8m via 56.5% discounted fundraise

Helium One Global Ltd has raised £8 million via a 56.5% discounted fundraise for 1.6 billion new ordinary shares of no par value in the company at a price of 0.50 pence per ordinary share.

USES

A placing of approximately 1.6bn new ordinary shares raised approximately £7.9m, and a subscription of 27m new ordinary shares raised £100,000.

Helium One said that the shares in the oversubscribed fundraise would represent approximately 30% of the company’s enlarged issued share capital.

Following admission, the company’s issued and fully paid share capital will consist of 5,315,710,763 ordinary shares, each with one voting right. The company holds no shares in treasury.

Proceeds will go towards deepening the Itumbula West-1 and extended well test on the Rukwa licence in Tanzania.

The company’s directors also participated in the fundraise for a total 5m subscription shares.

Chief executive Lorna Blaisse subscribed for 1m shares and will hold approximately 3.2m on admission, representing 0.06% of the issued capital.

Finance and commercial director Graham Jacobs subscribed for 1m shares (2.2m, 0.04%); non-executive chairman James Smith, 1m shares (1.6m, 0.03%); senior independent non-executive director Sarah Cope, 400,000 shares (1.5m, 0.03%); and NEDs Nigel Friend 1m shares (2m, 0.04%) and Russell Swarts 600,000 shares (1.2m, 0.02%).