Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) told investors that it has received conversion notices totalling £1.65 million, related to July's £10 million investment agreement.
A conversion price of 0.235p was calculated, and some 702.1 million new shares will be issued. It follows a £10 million investment agreement, in July, in which three investors committed to back the company's Rukwa project.
The investors provided an 'advance' which can be converted into shares at any time - with the conversion formula preagreed, and essentially being 80% of specified average market price markers.