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TSKSV: HELI OTCKKS: FHELF FRA: 2MC
/Not for distribution America news transmission services or for dissemination in United States./
VANCOUVER, BC, November 30, 2022 /CNV/ – First Helium Inc. (“The first helium” and or “Company“) (TSXV: HELI) is pleased to announce an unbrokered private placement whereby the Company will issue up to 10,000,000 units (“Units”) for aggregate gross proceeds of up to $2,000,000.
Each unit will be issued at a price of $0.20 and consist of one common action (a “Common Publish“) in the capital of the Company and one warrant for the purchase of ordinary shares (a “Warrant”). Each Warrant entitles its holder to purchase one common share at a price of $0.30 per action (a “Warrant Share“) for a period of 24 months from the Closing Date. The Warrants will be subject to acceleration at the Company’s election. Specifically, in the event that the Common Shares trade on the TSX Venture Exchange at a weighted average price of $0.40 or more per Common Share for any period of at least ten consecutive trading days after the initial closing date, the Issuer shall have the right to accelerate the expiration time of the Warrants to a date that is at least thirty days after the date on which notice of such acceleration is given by press release by the issuer, with the new expiration time specified in such announcement. First Helium intends to use the net proceeds from the Private Placement for activities on its portfolio of projects and for working capital and general corporate purposes.
In connection with a private placement, the Company may pay inventors’ fees in cash and/or warrants. If a finder’s fee is paid in cash, the fee will be equal to 7% of the proceeds deposited by the respective finder, finders’ fees paid in Warrants will be equal to 7% of the units deposited by the respective finder.
The closing of the private placement is expected to occur around that date December 15, 2022 (the “Closing Date”) and is subject to the receipt of all necessary regulatory approvals, including the approval of TSX Venture Exchange. All securities issued pursuant to the Private Placement are subject to a four-month hold period in accordance with applicable Canadian securities laws. There is no material fact or material change with respect to First Helium that has not been generally disclosed.
This press release does not constitute an offer to sell or the solicitation of an offer to sell any security in the United States. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold inside of United States or to US persons unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available.
ABOUT THE FIRST HELIUM
Led by a core senior executive team with diverse and extensive experience in oil and gas exploration and operations, mining, finance and capital markets, First Helium strives to be one of the leading independent helium gas suppliers in North America.
Building on the successful discovery of 15-25 helium in the well Worsley project, the Company has identified numerous locations for follow-up drilling and acquired an expansive infrastructure system to facilitate future exploration and development of helium throughout Worsley land base. Cash flow from its successful oil wells in the Worsley will help support First Helium’s ongoing helium research and development strategy.
First Helium holds over 60,000 hectares along the highly prospective Worsley trend in the Northern Alberta, and 276,000 hectares in the southern Alberta Helium Fairway, adjacent to existing helium production. In addition to continuing its ongoing exploration and development drilling at WorsleyThe company has identified a number of high impact helium exploration targets on potential helium road lands in Southern Alberta to establish another key growth area for the company.
For more information about the Company, visit www.firsthelium.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Edward J. Bereznički
President, CEO and Director
Neither TSKS Venture Exchange nor its regulation service provider (as that term is defined in TSKS policies) accepts responsibility for the adequacy or accuracy of this publication.
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
This press release contains certain statements or disclosures about First Helium that are based on the expectations of its management, as well as assumptions and information currently available to First Helium that may constitute forward-looking statements or information (“forward-looking statements ” ) under applicable securities laws. All such statements and disclosures, other than those of historical fact, relating to activities, events, outcomes, results or developments that First Helium anticipates or expects to occur in the future (in whole or in part) should be considered forward-looking. statements. In some cases, forward-looking statements can be identified by the use of the words “expect,” “will” and similar expressions. In particular, but without limiting the foregoing, this release contains forward-looking statements relating to the timing and nature of future activities at 15-25, 14-23 and the water disposal well; development of facilities; seismic acquisition; conclusion of marketing arrangements for sales; use of assets and strategies of the Company. Forward-looking statements contained in this press release reflect several material factors and First Helium’s expectations and assumptions including, without limitation: that First Helium will continue to conduct its operations in a manner consistent with past operations; general continuation of current or, where applicable, assumed industry conditions; the availability of debt and/or equity sources to finance First Helium’s capital and operating needs as needed; and certain cost assumptions.
Forward-looking statements are based on management’s estimates and opinions as of the date the statements are made and are subject to risks, uncertainties and assumptions, including those set forth in the Final Prospectus as of the date June 28, 2021 and filed under the Company’s profile on SEDAR at www.sedar.com. Readers are cautioned that actual results may differ materially from the forward-looking statements made in this press release. Risks that could cause actual events or results to differ materially from those projected in the forward-looking statements include, but are not limited to, risks associated with the oil and gas industry; First Helium’s ability to finance the capital and operating expenses necessary to achieve its business objectives; the impact of the COVID-19 pandemic on First Helium’s business and operations; state of financial markets; increased costs and physical risks related to climate change; the loss of key employees and those risks described in the Final Prospectus as of the date June 28, 2021. First Helium undertakes no obligation to update forward-looking statements, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
SOURCE First Helium Inc.
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