LONDON - Helium One Global Ltd (LON:HE1H) (AIM: HE1), a Tanzanian helium exploration company with a stake in a U.S. development project, announced Monday the outcomes of its Annual General Meeting (AGM). At the AGM, shareholders did not pass Resolution 1, approved Resolutions 2 through 4, and witnessed the withdrawal of Resolutions 5 and 6 by the Board of Directors.
The company, which also has a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA, did not specify the details of the resolutions in the press release. The AGM results come in the wake of the company's recent progress in its flagship southern Rukwa Project in Tanzania.
Helium One's Rukwa Project, which spans 1,664 square kilometers in the Rukwa Rift Basin, has moved into an appraisal stage after a successful exploration drilling campaign in 2023/24. The Itumbula West-1 discovery well in the project area yielded a continuous flow of 5.5% helium during an extended well test in the third quarter of 2024.
Following these positive results, Helium One has filed a Mining License application with the Tanzanian Government's Mining Commission, signaling a step forward in the project's development.
The company's involvement in the U.S. project is in partnership with Blue Star Helium Ltd (ASX: BNL), which operates the Galactica-Pegasus project.
Helium One is listed on the London Stock Exchange (LON:LSEG)'s AIM market under the ticker HE1 and on the OTCQB in the United States under the ticker HLOGF. The company holds prospecting licenses in Tanzania and has the potential to become a significant player in the helium market, which is currently constrained by supply issues.
The information reported is based on a press release statement from Helium One Global Ltd.
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