Helium One Global Ltd (LON:HE1) made a strong start to life on the London Stock Exchange, trading at a large premium to last month’s placing price.
The company today joined AIM following its amalgamation with Attis Oil and Gas.
It arrives on the junior bourse with around 496mln shares, which is based on November’s placing price of 2.84p, gave the company a market value of around GBP14.1mln.
Helium One raised GBP6mln through an oversubscribed share placing with institutional and other investors paying 2.84p per share.
The opening price on AIM was marked at 5.875p, and, after early deals the share was changing hands at around 5.38p.
READ: Helium One placing was significantly oversubscribed
Helium One‘s main asset, the Rukwa project, is a large scale primary helium project in Tanzania which is estimated to be one of largest projects of its type in the world.
It is fully-funded for an exploration programme that’s slated to start in the first half of 2021. It will comprise seismic and three wells.
“Our admission to AIM is a hugely significant moment for Helium One,” said David Minchin, Helium One chief executive in a statement.
“Following our oversubscribed capital raise we are fully funded to carry out an aggressive exploration programme commencing in Q1/Q2 2021. This drilling programme will enable us to prove what we believe is an asset with globally strategic implications in a supply-constrained helium market.”
He added: “Helium One is the only company listed on AIM that provides investors exposure to helium – a scarce and irreplaceable commodity which is essential for many modern technologies. We look forward to updating our new and existing shareholders as we progress this programme.”
Helium One participated in Proactive’s virtual investor forum on November 26
