Exercise of Convertible Loan Notes
Mendell Helium PLC has received notice to exercise convertible loan notes, resulting in the issuance of 9,799,999 new ordinary shares at 3 pence each, generating £280,000 in cash proceeds. This conversion also includes a 5% fee paid through share issuance, and the company will have no further convertible loan notes outstanding. Following admission of these new shares, expected around August 28, 2026, the company's enlarged share capital will consist of 354,836,937 ordinary shares.
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Mendell Helium (LON: MDH), the helium production company with operations in Kansas, announces that it has received notice to exercise convertible loan notes ("Conversion") over 9,799,999 new ordinary shares at an exercise price of 3 pence per share ("New Ordinary Shares"), generating cash proceeds for the Company of £280,000.
The New Ordinary Shares issued also reflect the 5% fee due on Conversion (which is itself payable through the issue of New Ordinary Shares). Following Conversion, the Company has no further convertible loan notes outstanding.
The convertible loan notes were issued in December 2025 as part of a fundraising at that time.
Admission
Application has been made for 9,799,999 New Ordinary Shares to be admitted to trading on AIM ("Admission"). Admission is expected to occur at 8:00 a.m. on or around 28 August 2026. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares.
Total Voting Rights
Following Admission, the Company's enlarged share capital will comprise 354,836,937 Ordinary Shares of 1 pence each. Therefore, the total number of voting rights in the Company will be 354,836,937. This figure may be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in the Company, or a change to their interest in the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
| Mendell Helium plc Nick Tulloch, CEO | Via our website investors@mendellhelium.com |
| Cairn Financial Advisers LLP (Nominated Adviser) Ludovico Lazzaretti / Liam Murray | Tel: +44 (0) 20 7213 0880 |
| SI Capital Limited (Broker) Nick Emerson | Tel: +44 (0) 1483 413500 |
| Fortified Securities Guy Wheatley | Tel: +44 (0) 203 4117773 |
| OAK Securities Jerry Keen / Calvin Man | Tel: +44 (0) 20 3973 3678 |
| AlbR Capital Limited Gavin Burnell / Colin Rowbury / Jon Belliss | Tel: +44 (0) 207 4690930 |
| Brand Communications ( Public & Investor Relations) Alan Green | Tel: +44 (0) 7976 431608 |
Overview of Mendell Helium
M3 Helium's flagship well, Rost 1-26, is in Fort Dodge, just to the east of Dodge City, Kansas. It has been tested as containing 5.1% helium composition and a drill stem test yielded a maximum flow rate of approximately 2,900 Mcf per day. Water removed from Rost 1-26 is delivered to Brobee, a nearby disposal well that has been permitted at 10,000 barrels of water per day at 1,200 psi. Production at Rost 1-26 commenced in early November 2025 and the most recently recorded flow rate in December 2025 was 250 Mcf per day equating to approximately $1.4 million of helium per year (at $300/Mcf helium).
M3 Helium has subsequently drilled and completed a second well, Rost 2-26, which is currently being de-watered. It also owns additional leases in the Fort Dodge area capable of supporting up to eight new production wells. It has also agreed a joint venture with Ritchie Exploration, Inc. to recomplete the Schneweis Ventures 13A, a well with a drill stem test of over 10,000 Mcf per day and a historic flow rate of 300 Mcf per day.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.