(Alliance News) - Helium One Global Ltd on Friday commenced trading on the AIM market of the London Stock Exchange following its amalgamation with Attis Oil & Gas Ltd.
The Tanzania-focused helium miner said it raised GBP6 million in an oversubscribed placing of 211.3 million shares at 2.84 pence in November. It added that following admission of of 496.9 million shares on Friday at the same price, it now has a market capitalisation of GBP14.1 million.
However, the stock soon was trading much higher Friday morning in London, at 4.50p each on giving a GBP22.4 million.
Meanwhile, Attis shares were cancelled from AIM on Friday. Attis shareholders were issued 1 Helium One share for every 236 Attis shares held. The deal valued Attis at GBP1.8 million, with Attis shareholders holding around 13% of the enlarged Helium One group.
Helium One highlighted it is now fully funded for an exploration programme commencing in the first or second quarter of 2021. The company is working on the Rukwa, Balangida and Eyasi projects in Tanzania, located within the rift basins on the margin of the Tanzanian Craton. It has two additional projects, Eyasi and Balangida, in north central Tanzania.
"Our admission to AIM is a hugely significant moment for Helium One. Following our oversubscribed capital raise we are fully funded to carry out an aggressive exploration programme. This drilling programme will enable us to prove what we believe is an asset with globally strategic implications in a supply constrained helium market," said Chief Executive David Minchin.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Helium One (HE1)