Member Info for Blubay

They clearly don’t like the competition 🤣

http://helpcentre.**************/hc/en-us/articles/360018929317-can-i-participate-in-voting-events

Mmm, that might be a bit like expecting the same firm to act as your Nomad, joint broker, and MM without any conflict of interest 🤔

Unless there’s a price boosting RNS before the meeting I’m assuming the VWAP will work out a bit lower than the past ten days, maybe somewhere thereabouts.

If the retail offer was made today it would be around 0.63p (based on 20% discount to the VWAP over the past ten day, which is roughly 0.79p). If the offer is called ‘as soon as possible’ after the meeting then we should be into the ten day average calculation period next week.

“… an amount equal to 80 per cent of the higher of: (i) the lowest single daily volume weighted average price ("VWAP") in respect of the Company's Ordinary Shares during the 10 trading days immediately preceding the date of the Conversion Notice; or (ii) 92.5 per cent of the VWAP for the 10 trading days immediately preceding the date of the Conversion Notice.”

It would be detailed in the CPR, which is based on the feasibility study.

If it was obvious or easy it would be done deal, but it’s unprecedented and challenging which is why it’s such an interesting and pioneering project. I do believe HE1 have a decent chance of pulling this off with their extensive board expertise in capital markets and large gas field commercialisation. This sets them apart from most of the small explorers who are more focused on geology and mining. It will be a tough slog for both management and shareholders, but one step at a time. £10m will really help.

This is fiction Toffers

https://fullfact.org/politics/hmrc-not-introducing-enhanced-customs-monitoring/

The TZ national banks would be a primary source of loan finance for mining projects, and on financial terms that should have government approval, but government wouldn’t be direct lenders in private projects. They might contribute relevant national infrastructure (roads, power grid, etc) and look for additional free carry equity.

The allocation adds another $6m to Galactica (if the previous allocation was not spent on other things). The previous raise was broken down as follows but no such itemisation is included in the new notice to double the working budget. They do need to explain more at the meeting.

“-US$1.5 million in respect of past costs incurred by Blue Star on the Galactica Project;

· 100% of the costs in respect of six wells capped at US$450,000 per well;

· up to US$2.55 million in in respect of the Company's 50% participating interest share of the tie-back, installation andprocessing expenditures required for the development of the Galactica Project;

· the balance of US$1.18 million in respect of associated fees, legal costs and working capital and development contingencies.”

I think the weighted average needs to come in around 1.05p for today’s price to be more attractive than the retail offer price? Would that sound right?

“ this is just too good to be true, never mind the Retail Offer, we are getting a sneaky 20% (ish) now!”

Do you think the ten day volume weighted average minus the discount will come in higher or lower than the current price?

You seem keen, 17 posts from a new account created today is impressive Yes, I think the company has done well to get this fund raise away at a challenging bottleneck in their project development. I also think they have a good chance of doing well in the future if they can navigate this period successfully. I'd be interested to understand the scenario in which you think the institutional lenders will choose not to convert/dilute. How is the 'expensive bank loan' to be repaid?

Correspondence was sent regarding the meeting invite. The public offer depends on a vote at the meeting so it would be announced after that. See the RNS...

"The Company intends to make available to existing shareholders the ability to participate in a retail offer of up to £1,000,000 as soon as reasonably practicable following the conclusion of the General Meeting (defined below) (the "Retail Offer"). It is intended that the Retail Offer will be made available using the same pricing structure as available to the Investors under the Investment Agreement. The Company expects that further details in respect of the Retail Offer will follow shortly after conclusion of the General Meeting.

The Retail Offer is conditional, amongst other things, on approval by Shareholders of the authorities necessary to enable the full and unconditional issue of Ordinary Shares subscribed for under the Retail Offer. The proceeds of the Proposed Retail Offer will be used for general working capital purposes."

"We have the mining licence. We have sites. We have a drill we have funding"

We have the mining licence. The well sites are yet to be identified (according to the CPR). We have a drill but we don't have project finance. So, a brokered cash advance has been offered instead. This will be secured against shares in HE1 (the parent company) rather than a working interest in Songwe Helium (the project). HE1 will then invest some of that money into the project, operated by Songwe. The rest will go into the Colorado project and into general working capital, hopefully to keep company plans on track through to first production revenues and a successful appraisal of the Itumbula discovery.

Wouldn’t that be 1.5bn shares? If the price was 0.75p (as it is now) then it would be about 1.3bn shares, and they get a 20% discount on that, so 0.6p in which case it would be 1.66bn shares. If the SP average were lower then more shares, if higher then fewer shares. Plenty of headroom within the requested authority anyway.

I think you may be misunderstanding the concept of ‘investor’, in context of an MREX book build for a CLN structure of last resort on AIM.

If the average remains similar to today’s price of 0.85p then the offer would be at 0.68p. If the average drops over the ten days then it will be lower and if it rises then it will higher. If the ten day average rises to 1.05p then the offer might come in around today’s entry price.

The public offering will be made at a 20% discount to the ten day average share price prior to the offer date. If the offer is made immediately following the meeting then that’ll be 20% below next week’s average share price, etc.

I’m not ‘trolling’ at all, let alone ‘incessantly’. It’s quite bizarre that posters think it’s OK to ramp up this share with ludicrous claims but shout down every sensible question or doubt as ‘trolling’.

I have no idea what your definition of a ‘trader’ is. I’m interested in the company and have followed it for years, investing in 2021. I think they have a chance of a great future but I’m not daft. I look forward to investing more as soon as there is a clear path to near term production in Colorado.