Law firm Hill Dickinson has recently advised AIM-listed client Helium One Global Ltd (AIM:HE1) on an accelerated bookbuild and subscription which raised gross proceeds of £9.9 million from existing shareholders and new investors.
The net proceeds of the fundraise will be used for a targeted single well exploration drilling programme of the Tai prospect in the Rukwa Basin in southwest Tanzania.
Francois de Lange, partner, Emily Rawlins, associate, Rianne Byott, solicitor apprentice and Elly Falbo, paralegal of Hill Dickinson’s London Corporate Team advised Helium One on the transaction.
David Minchin, chief executive officer of Helium One, commented:
“The response that we have seen during this oversubscribed fundraise from a broad range of new and existing investors endorses the confidence that we feel in our planned drilling campaign at Tai prospect in the Rukwa Basin. The financial support given allows the company to be funded through drilling, targeted to commence in Q1 2023.
“With our 2021 drilling programme providing detailed information on reservoir and seal, and the identification of helium gas shows at multiple intervals to prove up a working helium system, the company is confident that the Tai prospect provides the best chance to make an economic discovery and unlock the potential of the Rukwa helium province.
“Helium remains a vital resource, un-substitutable in a range of high-value, high-tech, applications, and which remains in critical short supply. With the Russia invasion of Ukraine removing 2.1Bcf of future supply and existing by-product production unable to adjust for new demand, we believe our Rukwa Helium Project is well placed to become a strategic asset in supplying zero-carbon primary helium into the world market.
“2023 promises to be a momentous year for the company as we focus on making a discovery that can be transformational for the company. We look forward to welcoming our new shareholders on board at this exciting time.”
