Commercial law firm Hill Dickinson has advised AIM-listed helium exploration company Helium One Global Limited on its recent placing and subscription, which was undertaken via a cash box structure.
The fundraising was announced on 11 June and consisted of a placing by way of an accelerated bookbuild and a direct subscription, which in aggregate raised gross proceeds of £8 million. The net proceeds of the fundraising will be utilised to undertake an Extended Well Test on the company’s Itumbula West-1 well in Tanzania to evaluate commercial flow rates of helium prior to the development phase.
Helium One was founded to explore, develop, and ultimately become a producer of low-carbon helium, a critical material essential in many modern technologies. Helium One has identified Itumbula West-1 as a globally unique, large-scale, high-grade, primary helium project in Tanzania with the potential to become a strategic asset in resolving a supply-constrained market.
Advising Helium One throughout the process was a team from Hill Dickinson led by corporate partner Francois de Lange and corporate associate Emily Rawlins, supported by Rianne Byott, an apprentice solicitor.