Business
Acquisition of He & CO2 project, and fundraise
Acquisition of He & CO2 project, and fundraise.
About this update from Helium One Global Limited
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.\nThis announcement may contain certain statements about the future outlook for the Company. Although the directors believe their expectations are based on reasonable assumptions, any statements about the future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.\n27 August 2024\n\nHelium One Global Ltd\n(\"Helium One\" or \"the Company\")\nAcquisition of near-term development and production \nhelium and carbon dioxide project and fundraise of £6.43 million\n \nHelium One Global (AIM: HE1), the primary helium explorer in Tanzania, announces that the Company has entered into a conditional binding heads of agreement (the \"Agreement\") pursuant to which Helium One has agreed to acquire a 50% legal and beneficial interest (the \"Interest\") in ASX listed Blue Star Helium's (ASX: BNL) (\"Blue Star\") Galactica-Pegasus project in Colorado, USA (\"the Galactica Project\"), as well as a similar interest in the leases associated with 246 km2 (61,000 gross acres) of acreage in the proven helium fairway of Las Animas County, southern Colorado (the \"Acquisition\"). \nThe Company also announces that it has raised gross proceeds of £6.43 million (approximately US$8.2 million) by a direct subscription (the \"Subscription\") pursuant to a cash box structure, through the issue of 590,000,000 new ordinary shares of no par value in the capital of the Company (\"New Ordinary Shares\") at a price of 1.09 pence per Ordinary Share (the \"Issue Price\") to fund the acquisition. The Subscription is conditional on admission of the New Ordinary Shares to trading on AIM becoming effective. \nHighlights:\n· Conditional acquisition of a 50% interest in Blue Star's Galactica-Pegasus project\n· The Galactica project contains confirmed discovery wells in the region flowing up to 6% helium (average of 3%) as free gas and are well positioned close to existing helium infrastructure\n· The Company's internal gross resource estimates, assuming a P50 Helium concentration of 3%, are 6...