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LONDON - Hot Rocks Investments plc (HRIP) has subscribed for 7,500,000 new ordinary shares in Mendell Helium plc at 2p per share, as part of Mendell’s £515,000 fundraising announced Monday.
The investment includes 7,500,000 warrants over new ordinary shares in Mendell, split evenly between warrants exercisable at 4p and 6p per share. These warrants contain accelerated exercise provisions that activate if Mendell shares trade above 10p and 15p respectively.
Mendell Helium is currently exploring opportunities to utilize excess methane from its Rost 1-26 well in Fort Dodge, Kansas, or future offset wells for cryptocurrency mining operations. The company has also examined potential Bitcoin mining opportunities in Texas and Nebraska.
In April 2025, Mendell announced it was developing a Bitcoin treasury management policy that would include accumulating Bitcoin through spot markets, holding Bitcoin as a long-term reserve asset, supporting operations of its subsidiary M3 Helium, and managing the reserve through selective divestments and reinvestments.
"We are pleased to back the management of Mendell Helium plc. They are at an exciting juncture in the development of Mendell," said Gavin Burnell, Managing Director of Hot Rocks Investments.
Hot Rocks Investments maintains equity and/or warrant positions in 25 entities across various sectors, according to the company’s press release statement.
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