Mendell Helium (AQSE:MDH) raised £515,000 of new capital, announced its deploying a ‘Bitcoin treasury management policy’, and extended an option to acquire M3 Helium.
The equity raise sees 25.75 million new shares being issued at 2p each, compared to Friday’s closing price of 3.75p.
And, following the announcement this morning, on AQSE the market quote is now 9p.
Mendell, in this morning's statement, told investors that it is putting in place a Bitcoin treasury management policy to accumulate and hold Bitcoin alongside potential crypto mining initiatives.
Meanwhile, in regards to its helium interests, Mendell said engineering and permitting work at the Rost 1-26 well in Kansas is due to finish by mid-July and will enable dewatering and the start of helium production.
It has extended its option to acquire M3 Helium until 30 September.
Highlighting its rationale, the company today commented: “The cryptocurrency market continues to grow in popularity and gain awareness, with many investors now seeking exposure to digital assets and operating companies developing plans to diversify their own assets as well as create value for shareholders.
“As a UK headquartered company and M3 Helium's US based operations, currency management will be a core part of the company's financial planning and Bitcoin's flexibility as a cross-border transactional currency alongside its growing appeal will provide Mendell Helium, in the opinion of the directors, with an enhanced treasury function suited to the potentially cash-generative nature of its operations.”