Proactive Investors - Mining, Minerals & Metals PLC said it has conditionally raised £5 million to acquire Georgina Energy, a company developing natural gas, helium, and hydrogen assets in Australia.
The proposed fundraiser and acquisition are conditional on several approvals. These include the Financial Conduct Authority's (FCA) green light and the publication of a prospectus.
MMM must also finalise legal agreements and gain shareholder approval for the transactions at an upcoming general meeting. Additionally, all necessary regulatory sign-offs must be obtained, and the company's shares must be re-admitted to trading on the London Stock Exchange.
MMM and its advisers are putting the finishing touches to the prospectus. Once the FCA grants the go-ahead, the company will provide an update on the timeline, including the date for the general meeting.
“We are pleased to have completed the conditional fundraise and are now aiming to have the company readmitted to trading as soon as practicable. We will update the shareholders on the timetable in due course," MMM's chairman Roy Pitchford.
Georgina's CEO, Anthony Hamilton, said the investment round had attracted "quality institutional interest", while cornerstone investor Oak Securities has indicated it will follow its money by putting in £250,000.
Hamilton said Georgina remained on track to re-enter the Hussar EP513 well, in Western Australia, before the end of the year.
"The acquisition has the potential to create a leading player in the energy market and, with the global shortage of helium, would provide an opportune time for investors to benefit from the favourable supply and demand dynamics," he added.
"We are excited for the future as large-scale demand for hydrogen continues to grow.”