Voyager Life shares surge as cannabis abandoned for helium

(Alliance News) - Voyager Life PLC on Thursday said it entered into agreement for a reverse takeover of M3 Helium Corp, which will lead to the company fundamentally changing its operations.

Voyager shares were up 37% to 3.25 pence each on the Aquis exchange on Thursday morning.

The Perth, Scotland-based company is a manufacturer, supplier, and retailer of premium plant-based health and wellness products.

Voyager will acquire M3, a Kansas, US-based helium producer though the issue of approximately 57.6 million new Voyager shares to M3 shareholders, representing 57% of the issued share capital of an enlarged Voyager.

Already Voyager has conditionally raised GBP864,468 through the issue of approximately 28.8 million shares at a price of 3 pence each. Split into two tranches, the first tranche of 6.6 million shares will be admitted to trading on or around July 4, with the rest following after securing shareholder approval.

Proceeds will be used to fund the development of M3's operations, as well as for general working purposes and the costs associated with preparing for a readmission to trading.

Chief Executive Officer Nick Tulloch said: "Investors might understandably be surprised by our decision to restructure our business as a helium producer but, although the change may seem sudden, it is the product of a considered plan.

"In the past two years, it is apparent that investors have developed a degree of caution around cannabis and CBD companies. The sector has been beset by disappointments and share prices, including our own, have underperformed. Conversely, helium opportunities have become highly popular."

Plans are in place to dispose of Voyager's existing operations, including a manufacturing facility in Perth, E-commerce and wholesale operations, and three retail stores across Scotland.

Following completion of the acquisition, Paul Mendell, co-founder of M3 will join Voyager's board.

By Elijah Dale, Alliance News reporter

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