Business
Option to acquire M3, Fundraise, Proposed RTO
Option to acquire M3, Fundraise, Proposed RTO.
About this update from Mendell Helium Plc
[{"type":"text","content":"\n\n\n \n27 June 2024\n \nVoyager Life plc\n \n(\"Voyager\" or the \"Company\") \n \nOption to acquire M3 Helium Corp.\nIssue of Equity\nProposed reverse takeover\n \nVoyager is pleased to announce that it has entered into an option agreement (the \"Option\") to acquire the entire issued share capital of M3 Helium Corp., (\"M3 Helium\"), a producer of helium based in Kansas, USA. The Option gives Voyager the right to acquire M3 Helium through the issue of 57,611,552 new ordinary shares in Voyager (\"New Ordinary Shares\") to M3 Helium's shareholders, representing 57 per cent. of the issued share capital of Voyager as enlarged by the New Ordinary Shares following the Option and the Fundraise.\n \nThe exercise of the Option will constitute a reverse takeover pursuant to AQSE Rule 3.6 of the Access Rule Book and is subject to, inter alia, publication of an admission document (the \"Admission Document\").\n \nHighlights\n \n· M3 Helium is already producing helium and natural gas from its first well and has successfully tested four other wells as being economic to operate\n· Through an arrangement with a local partner, M3 Helium has access to existing infrastructure to transport and process helium in large quantities (specifically a pipeline to a processing plant)\n· The Directors believe that M3 Helium has the ability, subject to funding and availability of new leases, to scale up its projects to new drilling sites based on expected resource capacity from an independent resource report\n· M3 Helium owns an existing modular hybrid plant to process and enrich helium - utilised in Fort Dodge where there is no immediate access to infrastructure\n \nThe Company has conditionally raised £864,468 (the \"Fundraise\") through a fundraise of 28,815,606 New Ordinary Shares at an issue price of 3 pence per New Ordinary Share. For every two New Ordinary Shares issued pursuant to the Fundraise, investors will receive one warrant allowing the holder to subscribe for an additional new Ordinary Share in the Company at an exercise price of 6 pence per Ordinary Share, exercisable within two years up until the second anniversary of the date of Second Tranche Admission (the \"Warrants\").\n \nThe proceeds of the...