Member Info for Legalwolf

"Lorna for me has let us shareholders down by the lack of comms this last two weeks..."

Where I think she has let us down is by mentioning the fund raise in that first proactive interview after the Rig purchase announcement. There was no need to mention the topic at all, if there was no intention to raise. Having mentioned it and set the hare running, she should then have categorically ruled it out. She did not do so. She had another opportunity at the recent QA, seventeen questions no less were asked about it, and again, she didn't categorically rule it out. And that's because she isn't going to tell lies (like some on this BB).

So when it comes to the topic of a fund raise, who are WE going to listen to? Are we going to listen to the company itself, or are we going to listen to a crew of rampers on a BB with their own hidden agendas, coming out with all sorts of nonsense, which arguably flies in the face of what the company itself is indicating?

I'm going to listen to the company itself, and therefore I am fully and firmly expecting a fund raise. I believe He1 have pretty much confirmed that one will happen. Beyond this, I don't know exactly when they will raise. Therefore, I am entirely open to the possibility that they will raise AFTER spud. I agree they would obviously want to get the best price possible, but they will take whatever price they are given at the end of the day.

The large selling started weeks ago and since the price first hit 10p. It is illogical and non sensical to run a narrative whereby you argue that He1 itself is confident of success, and therefore will wait for results before raising at higher levels, and then cite its Chair, the only one with significant skin in the game, selling down his holding now and being responsible for the price falling back. These two arguments are difficult to run side by side?

At the end of the day, no one can rule anything in or out here, because the company haven't ruled anything in or out. That's the only truth as far as I am concerned. All imo and dyor

I also don't see how the alternative explanation - that Stalker and/or his associate - are the ones that have been selling down is a positive? Stalker was the only one with significant skin in the game.

I DON'T hold the naïve believe that He1 have their shareholder interests at heart. None of the current BOD have significant skin in the game, and I believe that ultimately, they will raise at whatever price the broker tells them is achievable, because that's what most AIM companies do. Everyone would hope that it will be at higher prices, but there are no guarantees about this, and it all depends on what the market. Basics and simples. All imo and dyor

Maybe stop telling lies to others then. "No one is concerned about a placing...." What utter tosh, and probably the most naked and blatant lie uttered on this BB. The market IS concerned about a placing. Just read the below from the QA:

Q22: Can you clarify if any future fund raise requires prior shareholder agreement via an EGM or other mechanism before any action can be taken. (I'm asking because the understanding is there is no current headroom to issues shares without an EGM)

Q28: If an opportunistic raise takes place in the near future as Lorna hinted in a recent interview. Can the board make it an open offer, so that long suffering and supporting shareholders can apply pro rata and take part?

Q29: Could you please confirm that you have no intention to raise fresh equity for this drill and that you have no headroom to do so without calling an EGM?

Q31: Will there be a pre drill fundraise or placing? Could you please clarify as it is a major concern to most investors.

Q35: Do you plan to do a fund raise prior to spud?

Q47: Is there a raise coming pre spud?

Q49: Can you confirm that there is no raise planned pre-spud?

Q50: Can you confirm a raise will still not take place pre spud?

Q56: Would to propose to secure additional funding for the business via a pre or post drill Equity Raise?

Q57: In addition to securing additional company finance via an equity raise, what other options have to explored and favour? Such as a Joint Venture Partner, or a Farm Out Agreement or Strategic Partner or just by raising debt ?

Q59: Can someone kindly put to bed the rumours of a placing .. thank you or elaborate on this subject.

Q66: Given a future raise is going to happen, PLEASE would the board consider making part of the placing accessible to the long

Suffering patient and loyal private investors, instead of just institutional investors. Thank you. Charles Hellier.

Q67: When do you anticipate the next raise?

Q71: Are you going to be raising money before spud

Q72: Will there be another fund raise before spud date

Q75: Is the aim to raise further exploration funding on initial results from Tai-C? as shareholders we appreciate funding will be needed and will enable further drilling in this and the other basins.

Q79: Will funding be required for any appraisal drill for Tai-C or does the company have sufficient funds?

Answer1: Helium One is an exploration company with no revenues as yet, and while fully funded for the drilling programme at Tai-C, any further exploration will require a raise. Any fundraises that are considered will deliver intrinsic value to our shareholders in the future.

Answer2: As and when we enter a fundraise, this will be taken into consideration. [In response to the open offer suggestion].

How I see it, is that I invest into a scenario if I think it represents upside. I then wait for that scenario to unfold and see if my original thesis was correct. Some you win, others you lose. For example, I thought CresWick represented a scenario with upside. I waited for that scenario to unfold, and the results were poor. No win.

Now I have invested into an all together different scenario, which is Hurricane drilling. Therefore, I will wait to see how it unfolds and if it proves me correct.

My decision having been made, the BB is just noise. I doubt that I will read anything on here which will make me decide that I will sell up before Hurricane drilling outcome is known. So I don't read it as much these days.

It's maybe interesting that the nerves and negatives appear to be landing just at the very moment we are moving closer towards September, and the commencement of Hurricane drilling. But it matters not, as I invested into a scenario and will see it unfold, rather than abandon it just as its about to commence, because the pot is being stirred here again for genuine or ulterior motives. All imo

Lol KR - just read your post. We are obviously all thinking along the same lines.

He1 must be HIGHLY confident of hitting gas on the way down, because they did so last time. I reckon they WILL know what gas and its percentage before they send it to the lab. If good, they can wait for the lab results and declare a positive outcome and raise at higher levels. If not good, they can raise on the basis of the gas shows and take whatever raise price they can get?

Dai - that is EXACTLY what I have been thinking. It's the only way that NOT raising before results makes any sense to mei.e. they know they are going to spin a positive outcome no matter what.

Interestingly, take a look at PRD. They announced positive results, share price shot to 20p, they got a big raise away saying they needed to do more testing, and now on their bb, they are debating whether or not they have a commercial discovery or just gas bearing sands with no free flowing gas to extract.

Is He1's strategy to do limited testing so that they only get to report positives and not risk having to report negatives?

Are folk seriously suggesting that the market is not concerned about a raise and that the only people mentioning it are a wrecking crew? There were SEVENTEEN separate questions about the raise at the recent investor's webinar, making it the most frequently talked about topic at that event! Moreover, the share price has fallen back to 7p.

Get real, because it is a real and genuine concern, even if it might turn out to be a misplaced one! Only He1 can/could have removed it, but they chose not to do so, which has probably just amplified it! All imo and dyor

"...the take up would be poor with a vastly reduced SP and therefore the dilution huge."

Wyn - I think that was a half baked analysis from you there imho. What will be the position if they decide to wait and don't make a discovery? SP will be even lower, the dilution would be even greater, and the take up would be more difficult because they DO NOT have another target to move onto, so it would be back to the drawing board?

And btw, saying they are fully funded for this drill is NOT the same as saying they won't raise now for the next one. It's more the language of obfuscation and keeping their options open. In fact, they have sort of already said in a roundabout way that they will be raising (and will hoping it will be an appraisal well). It's only the timing of the raise that is open to debate. All imo and dyor

KR - important to have a strategy and then stick to it. Hit and hope never works and you will keep losing money. So figure out what your strategy is with He1, be confident in your reasons for having that strategy, and then stick to it. And if you don't know what's going to happen with He1, then move onto a different share where you are more clearer. That would be my view. GL

Thanks KR - that's what I was driving at, especially as during Tai 1, I believe they were able to confirm the gas as Helium using onsite equipment (gas chromatograph/spectrometer?), and without sending to a lab. Therefore, I just wondered and also why it might be different this time round.

We just need to get to drilling. If the share price rises on anticipation (as I hope it will), then great. If it doesn't, then we wait for the results, and they will determine what happens next to our holdings, good or bad.

In the meantime, we just have to let nature take its course, whatever that might be. If we don't like this scenario, then exit and invest in a scenario that you are happy with. Being underwater is no excuse for sticking around, especially with hostility and toxicity, and it is simply daft to stay in an underwater share, unless you believe there is a prospect of improvement. In summary: put up or shut up....

The arguing on here is a bit pointless. Let's just wait and see if RM gets the funding over the line this time round. If he does, then it will lay down the platform for longer term success for GCAT. If he doesn't, or there is significant delay, then obviously the recriminations will rightly take over.

What is a reasonable period in which to expect it to be concluded?

I'm well aware of what He1 are looking for - the clues sort of in the company name! I was more interested in the question of whether gas shows = helium shows. We know the Rukwa Basin has gas bearing reservoirs, so it is possible to hit gas without it necessarily being helium. So should we not be referring to Helium shows rather than gas shows?

"Gas shows are nailed on...."

Helium gas shows or just gas shows?

The obvious problem or question there is that if most retail are planning on selling/de-risking at roughly the same time, or around the same newsflow (e.g. in the run up to spud or to initial results), then who's doing the buying in this very same period?

I'm not sure that's correct. I think what's happened is that most of us have gone into this thinking its going to be similar to Tai 1, although obviously not as high as 28p. Most have also had the intention to de-risk into results. The difficulty has been working out what the best time to de-risk would be, where I think most of us thought at the start of this campaign that it would be in the mid to high teens at least.

This might still happen - this is AIM after all where anything can happen in a short space of time? Especially if the selling has been mainly one or two holders, such that when they are done, the selling overhang is cleared. However, it it also equally possible that all the selling we saw during that long consolidation between 9p and 10p, was not down to one or two large sellers, but was lots of people taking profits or de-risking into the results, because they believed 10p was as good as it is going to get before results, and the only de-risking opportunity before results.

If it doesn't rise into spud, then the default strategy is carrying into results and banking on early gas shows/promising initial results, which is basically almost the same as holding for results?

Just had a look at the Q&A. It is clear that no other topic dominated as much as the fund raise one and this is probably one of the key topics dictating sentiment (and the share price) at the moment? Not sure the answers were the best either, but I guess there's no real 'good' or 'happy' way of answering a question about a fund raise?

Q22: Can you clarify if any future fund raise requires prior shareholder agreement via an EGM or other mechanism before any action can be taken. (I'm asking because the understanding is there is no current headroom to issues shares without an EGM)

Q28: If an opportunistic raise takes place in the near future as Lorna hinted in a recent interview. Can the board make it an open offer, so that long suffering and supporting shareholders can apply pro rata and take part?

Q29: Could you please confirm that you have no intention to raise fresh equity for this drill and that you have no headroom to do so without calling an EGM?

Q31: Will there be a pre drill fundraise or placing? Could you please clarify as it is a major concern to most investors.

Q35: Do you plan to do a fund raise prior to spud?

Q47: Is there a raise coming pre spud?

Q49: Can you confirm that there is no raise planned pre-spud?

Q50: Can you confirm a raise will still not take place pre spud?

Q56: Would to propose to secure additional funding for the business via a pre or post drill Equity Raise?

Q57: In addition to securing additional company finance via an equity raise, what other options have to explored and favour? Such as a Joint Venture Partner, or a Farm Out Agreement or Strategic Partner or just by raising debt ?

Q59: Can someone kindly put to bed the rumours of a placing .. thank you or elaborate on this subject.

Q66: Given a future raise is going to happen, PLEASE would the board consider making part of the placing accessible to the long

Suffering patient and loyal private investors, instead of just institutional investors. Thank you. Charles Hellier.

Q67: When do you anticipate the next raise?

Q71: Are you going to be raising money before spud

Q72: Will there be another fund raise before spud date

Q75: Is the aim to raise further exploration funding on initial results from Tai-C? as shareholders we appreciate funding will be needed and will enable further drilling in this and the other basins.

Q79: Will funding be required for any appraisal drill for Tai-C or does the company have sufficient funds?

Answer1: Helium One is an exploration company with no revenues as yet, and while fully funded for the drilling programme at Tai-C, any further exploration will require a raise. Any fundraises that are considered will deliver intrinsic value to our shareholders in the future.

Answer2: As and when we enter a fundraise, this will be taken into consideration. [In response to the open offer suggestion].

It's really very simple. Do you think the upcoming Hurricane drilling will boost the share price? If not, then there isn't much else in the pipeline here that will. If on the other hand you do think it will boost the share price, then simply keep holding or adding to see whether that does in fact happen.

I wouldn't come to this BB for the answers, as its largely been trolls operating it for most of this year imho. All imo and dyor

Depends on RP and his strategy. We could get Cottesloe results land whilst drilling Red Setter, or all results at the end?

Some large buys coming in and taking the last of the liquidity below 0.6p. BT still tweeting away. News can’t be more than weeks away now? They have exploration to get on with at Zim as well before moving on to Karakubis in Q1. Exciting times? All imo and dyor