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Update on Southern Rukwa Mining Licence and Fundraising Efforts
LONDON, GB / ACCESS Newswire / July 18, 2025 / Helium One Global (AIM:HE1), a leading helium exploration company in Tanzania, which holds a 50% stake in the Galactica-Pegasus helium project in Colorado, has provided an update regarding its operations in the southern Rukwa region of Tanzania. The company has successfully entered into an investment agreement with three institutional investors, facilitated by Marex Financial. These investors have tentatively pledged a total of £10 million (approximately US$13 million) to support the upcoming phase of operations both in Tanzania and the United States. Additionally, the company is set to offer existing shareholders the opportunity to participate in a retail offer amounting to up to £1,000,000.
Key Developments in Southern Rukwa
The mining license for the Southern Rukwa project has been formally granted, and the company is planning to initiate a new testing program aimed at advancing the project’s development, scheduled to commence in the fourth quarter of 2025. The proposed £10 million fundraising will help facilitate this advancement, as well as continue the development efforts at the Galactica helium-CO2 project in the United States, with the aim of achieving first gas production. An anticipated retail offer of £1,000,000 will also be made available to existing shareholders.
Statements from Company Leadership
James Smith, Chairman of Helium One, remarked, “Currently, Helium One does not generate revenue, but we are uniquely positioned with stakes in two significant helium development projects. This fundraising initiative is crucial for the company and will enable us to expedite both projects towards production and eventual cash flow. Therefore, we strongly urge shareholders to support the resolutions at the forthcoming General Meeting.” Lorna Blaisse, the Chief Executive Officer, added, “The capital raised from this initiative will propel the development of the Itumbula West discovery in Southern Rukwa. With the mining license now in hand, we are eager to advance testing using a downhole Electric Submersible Pump. This significant step will enhance our understanding of helium concentrations in this project area and help establish multi-rate flow tests, bringing us closer to finalizing our development strategy and setting up a processing facility. Additional resources will also be allocated to our U.S. helium-CO2 project to facilitate first gas production and generate cash flow by Q4 this year.”
Southern Rukwa Project Progress
The company has officially received the 480 km² mining license in Southern Rukwa. Furthermore, the establishment of the joint venture company, Songwe Helium Ltd, has been finalized, with directors now appointed. The regulatory framework agreements are still in the process of being completed; however, the government’s free carry interest has been confirmed at 17%. With the mining license awarded, the company is set to begin further testing in Q4 2025, which will involve re-entering the ITW-1 well and employing a downhole Electric Submersible Pump to increase helium flow rates from the Basement and Karoo intervals. This operation aims to provide a clearer picture of the helium concentrations while enhancing the development program.
Details on Fundraising Initiatives
The investors involved in the fundraising may convert the £10 million advance into ordinary shares at their discretion upon notifying the company with a conversion notice. The conversion price will be set at 80% of the higher value between the lowest daily volume-weighted average price (VWAP) of the company’s ordinary shares over the past ten trading days or 92.5% of the VWAP for the same period. If not converted, the advance will be repayable in cash or shares after twelve months, with specific pricing terms in place. Should a default occur, the advance will become immediately due, and a default interest rate of 12% per annum will apply. The funds raised will support ongoing operations in both Southern Rukwa and Colorado, as well as general working capital needs.
Retail Offer for Shareholders
The company plans to provide existing shareholders with an opportunity to partake in a retail offer of up to £1,000,000 following the General Meeting. This retail offer will follow the same pricing structure as the investment agreement. Further details regarding the retail offer will be communicated shortly after the General Meeting, which will be conditional upon shareholder approval for the necessary authorities to issue ordinary shares.
General Meeting Notification
A notice for the upcoming general meeting is being distributed to shareholders, scheduled for 11:00 a.m. GMT on August 5, 2025, at the offices of Hill Dickinson LLP in London. The resolutions put forth in the notice will authorize the directors to issue ordinary shares on a non-pre-emptive basis, which will be utilized for share conversions and the retail offer among other purposes. The notice will soon be accessible on the company’s website.
Company Overview
Helium One Global is recognized as a leading helium explorer in Tanzania, with a 50% stake in the Galactica-Pegasus helium project in Colorado, USA. The company operates helium licenses across two distinct project areas on separate continents, positioning itself as a key player in addressing the current helium supply constraints. The flagship Southern Rukwa Project, located in the southern Rukwa Rift Basin of Tanzania, is transitioning into a full appraisal and development phase after a successful exploration drilling campaign in 2023/24. This campaign confirmed a helium discovery at Itumbula West-1, which demonstrated continuous helium flow to the surface. Following this success, the company applied for a mining license, which has now been granted. The Galactica-Pegasus project in Colorado, operated by Blue Star Helium Ltd, is also progressing towards commercial production, with encouraging results from its recent development drilling campaign. Helium One is listed on the AIM market of the London Stock Exchange under the ticker HE1 and on the OTCQB in the U.S. with the ticker HLOGF.
