Helium Evolution to Raise C$25 Million in Private Placement of Share Units
Helium Evolution (HEVI.V) on Friday said it plans to raise C$25 million through a private placement of share units.The company will issue 166.7 million units at C$0.15 apiece. Each unit will comprise one share and one three-year warrant to buy a share at C$0.30. The financing is expected to close on August 5.Proceeds will be used to develop its helium assets in Saskatchewan.New international investors have also agreed to subscribe for C$23.7 million of the financing."We are extremely pleased to welcome the new investors to our shareholder base," said Chief Executive Malcolm Adams. "Their investment reflects their confidence in our strategy, our team and the opportunities we see across our land base. Combined with our recent reduction in annual land tenure costs and our upcoming 3D seismic results in the Mankota/Grasslands core area, we believe this financing provides the financial strength to accelerate exploration and development across our extensive land position while maintaining significant flexibility to pursue additional growth opportunities."Helium Evolution shares are on a trading halt.
