Tanzania-focused Rift Helium enters final stages of Aim admission
Rift Helium, which is focused on the exploration and development of primary helium in a proven basin in south-west Tanzania, is in the final stages of its application for admission of its ordinary shares to trading on the LSE's Aim market, which is expected to occur in mid-April.
The company has secured commitments to raise about £8-million by way of a placing and direct subscription.
The net proceeds of the fundraising are expected to strengthen the company’s balance sheet as it enters a new stage of its development, targeting clear near-term catalysts, including environmental-impact assessment approval, 3D seismic-led prospect definition and well drilling at the company’s Upepo project.
Rift’s board believes its position in the basin allows it to pursue a more focused, targeted and capital-efficient exploration strategy than earlier entrants.
“Rift Helium is seeking to enter the market at a time when helium has become more strategically important than ever. Recent disruption to Qatar’s natural gas supply has highlighted how concentrated and vulnerable global helium supply can be, reinforcing the need for new primary helium sources.
“We believe Rift offers investors direct exposure to helium exploration upside in the Rukwa basin, a basin that is now proven to host a working helium system. Our strategic position, alongside adjacent discoveries, combined with our third-mover advantage, allows us to pursue a smarter, more targeted and capital-efficient exploration strategy,” says CEO Charlie FitzRoy.
“With a CPR highlighting a gross, unrisked P50 prospective resource estimate of approximately 19-billion cubic feet recoverable helium on our flagship licence, clear near-term catalysts in 3D seismic and drilling, and a board and management team with deep helium and capital markets experience, we believe Rift is well positioned as we move toward admission and to execute on its strategy after IPO,” he adds.
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