Mendell Helium #MDH – Result of General Meeting and Completion of Disposal

The General Meeting of the Shareholders of Mendell Helium was held today at 11.30 am (UK) at Arran House, Arran Road, Perth, Perthshire PH1 3DZ. The Company is pleased to confirm that the resolution was duly passed. 

This was the final condition for the disposal (“Disposal”) by the Company of its plant based health & wellness business (“Voyager”) to Orsus Therapeutics plc (“Orsus”) announced on 14 October 2024.  The Company is therefore pleased to confirm that the Disposal has completed and the business and assets of Voyager have been transferred to Orsus.

Eric Boyle, Chairman of Mendell Helium, said: “We are pleased to confirm the completion of the sale of our plant based health & wellness business to Orsus.  Over the past four years, we have developed several high profile and substantial customers in our manufacturing division alongside three brands with over 100 product formulations.  We wish Orsus well in the next phase of building the Voyager business.”

The Directors of the Company are responsible for the release of this announcement.

ENDS

Enquiries:

Overview of M3 Helium and the Hugoton North Play 

Mendell Helium, formerly Voyager Life plc, announced on 27 June 2024 that it has entered into an option agreement to acquire the entire issued share capital of M3 Helium through the issue of 57,611,552 new ordinary shares in Mendell Helium to M3 Helium’s shareholders.  The exercise of the option will constitute a reverse takeover pursuant to AQSE Rule 3.6 of the Access Rule Book and is subject to, inter alia, publication of an admission document.

M3 Helium has interests in nine wells in South-Western Kansas of which five (Peyton, Smith, Nilson, Bearman and Demmit) are in production.  Eight of the company’s wells are within the Hugoton gas field, one of the largest natural gas fields in North America.  Significantly these wells are in the proximity of a gathering network and the Jayhawk gas processing plant meaning that producing wells can quickly be tied into the infrastructure. 

The ninth well is in Fort Dodge and was tested in July 2024 as containing 5.1% helium composition.  Although not within direct access to the gathering network, M3 Helium owns a mobile Pressure Swing Adsorption production plant which could be used to purify the helium on site.