RE: Voyager helium29 Aug 2024 12:48
I have emailed Nick to ask if they plan to list on AIM.
My understanding is that they technically are a combined outfit. However, completion is dependent upon completion of the RTO which will follow a prospectus.
The 57m shares that were used to finance the M3 acquisition. The cash is to be used for….
“The Fundraise will raise proceeds of £864,468 for the Company which will be applied towards:
· the development of M3 Helium's operations;
· M3 Helium expects to drill the first of several further wells at Hugoton North Play;
· preparation of the Admission Document; and
· general working capital purposes.”
This was done via a $500k loan facility at 6%…
“ The Company expects to exercise the Option on re-admission to trading on AQSE Growth Market of the enlarged group and, immediately following the Fundraise, will commence preparation of the Admission Document. The Company intends to make a loan facility of up to US$500,000 (the "Loan Facility") available to M3 Helium to advance its drilling programme with its Kansas assets.”
This is the first admission which is completed…’pari passu’
“Application has been made for First Tranche Shares to be admitted to trading on the Aquis Stock Exchange AQSE Growth Market. First Admission is expected to occur at 8:00 am on or around 4 July 2024. “
Then there is the send tranche that depended on a general meeting. These were listed 19th July….
‘ Following shareholder approval at the General Meeting the Company has issued 22,239,150 new ordinary shares (being the Second Tranche Shares). The Company has also issued 14,407,803 Investor Warrants and 900,000 Broker Warrants, in aggregate 15,307,803 Warrants have been issued in connection with the Fundraise.“
The VOY assets will be sold following admission doc. It’s only a small amount prob 50k.
So the total combined issuance was a tad over 60% of additional shares.
But the confusion stems from we are still shown as having 43m shares in total. The RNS says they have been admitted and have equal ranking.
I don’t understand why that is done before the admission doc or why our share total hasn’t increased.
I can only guess that they are listed but not tradeable until after the admission is completed when both pools of shares will be merged into one.
This may involve a share split of sorts for the existing VOY shares so that they and the M3 shares post RTO have the same monetary value and name. They will then be tradeable then as say ticker ‘M3H’. This would follow a short suspension.
That is conjecture on my part!
Usual caveats
Trek
Sign In
Follow the stocks
