Gold prices steady amid Fed rate cut hopes; Trump-Putin talks awaited
PERTH, Scotland - Mendell Helium PLC announced a successful follow-on fundraising effort, raising an additional £38,834 through a subscription from a long-term shareholder. This fundraising is conditional upon shareholder approval at a general meeting scheduled for 11:00 am on May 13, 2025, at the company’s Perth offices.
This new capital injection follows a prior fundraising event on April 7, 2025, where approximately £796,000 was raised through the issuance of 39,807,950 new ordinary shares at 2 pence each. The combined gross proceeds from both the initial and follow-on fundraisings total about £834,000.
The funds are earmarked for bringing M3 Helium Corporation’s Rost 1-26 well into production, exploring new opportunities in the Fort Dodge region, settling a preliminary payment due to Scout Energy Partners, and covering general working capital requirements.
In addition to the new ordinary shares, investors will receive one warrant for each share purchased, entitling them to subscribe for an additional share at 3 pence within two years. A total of 41,749,650 warrants have been issued through these fundraising efforts. Furthermore, the company has issued 675,000 broker warrants exercisable at 2 pence per share until April 14, 2027.
The upcoming general meeting will also address the extension of the company’s authority to issue new ordinary shares and the exercise of an option to acquire M3 Helium, which would be considered a reverse takeover under AQSE Rule 3.6. The company seeks renewal of authority to issue 57,611,552 new ordinary shares, previously granted.
Details of the general meeting and the resolutions to be proposed are outlined in a circular available on Mendell Helium’s website. The company has stated that this announcement contains inside information for the purposes of the UK Market Abuse Regulation.
This news is based on a press release statement from Mendell Helium PLC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.