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Surely 0.30p should have been the starting point as the RTO was transacted at this price. I'm not sure where the 0.15p sell price has come from at all. Very confusing.

It would be nice if this takes off when the teething problems are finally sorted.

The funding and acquisition were completed at 0.30p to start with and an improvement on that would certainly not go amiss.

The twitter post is still a bit premature as on HL it now says:

Online dealing not available
This stock is unavailable to buy. You can continue to hold existing shares and sell as usual, but you cannot buy anymore.

skittish

Sorry, I thought that dai2belts in his 14.15 post was saying that there were 200M shares available.

Can companies like HE1 just call a GM or an EGM or does this have to be done at an AGM? - not that it matters I suppose now the results are out.

At least that explains why they haven't done a placing already!!

It looks like the management here need to buck their ideas up a bit. Thank goodness they have listed on AIM as raising funds on the Main Market is a real nightmare.

I thought posters were insinuating that there was little or no headroom for new shares but if there are 200M available that is more than enough. If that is the case then I'm just surprised they haven't done the placing already and got it out of the way.

I agree, HE1 'could' have $2/3M as of now but that would be $'s and not £'s. £2.9M - £3.48M - is unlikely looking at the cash burn from end Dec 2021 till end June 2022.

Besides it doesn't matter much because far more funding is going to be required.

HE1 raised £6 Million at the IPO. According to the Admission RNS dated 4th December 2020 they were 'Fully funded for exploration programme commencing in Q1/Q2 2021 consisting of infill seismic acquisition and three well drilling programme targeting high priority Prospects over the Rukwa Project'"

Fine. Then before the drilling commenced they did a further placing on 16th April 2021 for £10M and they said:
"Whilst the three well exploration programme remains fully funded from the Company's existing cash resources, additional funds raised at this time will now enable the Company to contract the drill rig to allow appraisal drilling to take place immediately following the anticipated exploration success. Contracting the rig now will keep the rig on site and save an anticipated c.4 months or more of drilling downtime and c.US$500k in rig mobilisation and demobilisation costs. The proceeds will also allow for the mobilisation of a 3D seismic programme to maximise anticipated reserve to resource conversion and will fund the costs of a feasibility study as well as working capital and licence fees.
· Appraisal well drilling: £2.4 million
· Enhanced well completion: £0.5 million
· 3D seismic programme: £3.8 million
· Feasibility Studies and licence fees: £1.2 million
· Additional operational contingencies, working capital and expenses: £2.1 million"

It looked like the 3Dseismic was not going to be funded from the IPO placing after all.

So that was £16M - or over $21M as the exchange rate was higher in 2021 - and whatever they have left over now from just under $5M - £4m - at the end of June 2022 is not going to get them very far, especially considering that this new rig will be more expensive and that they are planning further seismic in 2023.

It is more a question of: Have HE1 got sufficient cash to sign the rig contract and pay for what is required upfront for the rig and drilling services or do they have to do a placing first?

If it is the latter then the chances are that the placing price will be much lower.

I see the share price is down 15% so far - and on the day of the big presentation!!!

Big buying/top-up opportunity for some no doubt!!!

Cash burn of $800K per month from 31st December 2021 to 30th June 2022. At that burn rate cash as of 30th November 2022 will be less than $1 Million!!!!!

No wonder they are getting a move on with the drilling and that also explains the recent presentations. Cash is required even without the cost of the drill.

This doesn't make great reading:

Financial results for the year ended 30 June 2022
For the year to 30 June 2022 the Group recorded a total comprehensive loss attributable to shareholders of the Company of $13,356,151 an increase compared with $5,155,028 for the year to 30 June 2021. The largest contributor to the total comprehensive loss was the impairment loss of $8,520,929 on the relinquishment of licences as detailed in note 12 to the financial statements.
The Group's net assets as at 30 June 2022 were $18,033,568 in comparison with $28,536,258 at 30 June 2021. The decrease is due to the impairment of the exploration assets as a result of the relinquishment of licence areas. At 30 June 2022, the Group cash position was $4,906,153.

The cash balance is a lot lower than expected so a placing is imminent even without the cost of the incoming drill campaign.

Interim Results 28th March 2022: Net cash balance as at 31 December 2021 of $9,729,864

Annual results 6th December 2022: At 30 June 2022, the Group cash position was $4,906,153.

This gives a cash burn of $4,823,711 over the 6 month period with no major spends.

After another 5 months (up to the end of November) the cash may arguably be all but gone!!!!

Maybe a £20 Million placing due??????????

You are right. It firstly says 'there are no matching results - try again' but then if you just continue with the instruction it goes through. Cheers.

Okay but it's not there yet for new holders on II.

Fully functional on IG though - can buy, sell, hold - buy is 0.215p and sell 0.164p

I can't find it on II. It's been on IG for several hours.

I don't think that the LTH's or newbies need be too worried about the share price here being 0.20p for long if you read the link to the Cantourage recent listing and the subsequent rise in the share price. The article was posted at 08.02.

Reading the whole article funding won't be much of an issue either:
"Cantourage’s public listing comes just over a month after Sanity Group, another leading cannabis operator based in Berlin, closed Europe’s largest ever cannabis investment round worth €37.6m, bringing its total funding to date to over €100m." "According to industry sources, news that big hitters like tobacco giant British American Tobacco (BAT) led the round drove an immediate influx of new financial interest into German cannabis operators. "

As of today Cantourage is still over double the floatation SP and the m/cap is about £175M.

How long has this been suspended?

What was the share price here before RTO/suspension please????

If the IPO placing was at 0.30p then why are people selling at 0.15p?????????????

Up and running now on IG.

About 0.20p to buy.

Can someone fill me in on what is going on here (re the RTO and the prospects) and what would be a decent buy price please.

Lots of 'if's' in that article. Basically it amounts to absolutely nothing and today's spike amounts to about the same.

"Tim Richards, who founded Vue International in 1999, confirmed the company was ready to take advantage of any opportunities that presented themselves as speculation mounts that Cineworld could be broken up." - that is all just speculation, as it says.

"The group’s ambitions are perhaps surprising given that it is only a few months since it went through a £1 billion restructuring that wiped out both its Canadian backers and management’s 26 per cent equity stake." - besides VUE is about as solvent or rather insolvent as Cineworld anyway.

Total tosh!!!!!!!!!

I assume that HE1 have only signed a MOU for the rig as they (the rig owners and operators) do not know exactly when it is going to be available. Some posters on here seemed to allude that the rig was under contract and in use into the New Year, though the recent presentation seemed to say otherwise. I guess we will only know when we get informed that the contract is actually signed.

The MOU basically reserves the next use of the rig and makes sure that it doesn't get contracted elsewhere so now it is all about exactly when it is going to become available.

I'll repeat from my last post: "I hope this isn't going to drag on for another month of waiting and expectation."

In fact, there is nothing going on at all here until HE1 actually put pen to paper and sign a/the rig contract and appoint the drill contractors. Absolutely nothing and DM and his colleagues can talk as much as they want on various podcasts and presentations but these words count for nothing.

I hope this isn't going to drag on for another month of waiting and expectation. A week and a day have passed already since the Project Update.