First Helium receives receipt for Final Prospectus

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First Helium Inc. [HELI-TSXV], a helium exploration company with access to significant development opportunities across Western Canada, announced that, on June 28, 2021, the company received a receipt for its final prospectus which was filed with the securities commissions in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Nova Scotia in connection with the company’s over-subscribed brokered offering of subscription receipts and non-brokered convertible debenture private placement earlier this year for aggregate gross proceeds of $12 million.

The Final Prospectus qualifies the distribution of common shares and warrants issuable upon the conversion of previously issued securities under the offerings, and broker warrants issuable to agents in connection with the brokered offering of subscription receipts.

The brokered offering was led by Echelon Wealth Partners Inc., as lead agent, and included Cormark Securities Inc. and Canaccord Genuity Corp. for aggregate gross proceeds of approximately C$9.2 million, including exercise of the agents’ overallotment option and a president’s list representing approximately C$1.7 million.

The automatic conversion of all subscription receipts and convertible debentures was completed on July 8, 2021 for no additional consideration, resulting in the issuance of an aggregate of 35,823,438 common shares and 22,709,291 warrants.

Each warrant is good to buy one additional common share at $0.50 until July 12, 2023. All funds which were held in escrow in connection with the subscription receipt offerings were released to the company and the agents in accordance with applicable agreements. The agents also received an aggregate of 1,709,687 broker warrants having the terms set out in the Final Prospectus. The company now has 65,611,370 common shares outstanding.

First Helium has also received the conditional acceptance of the TSX Venture Exchange to the listing of its common shares on the Exchange, subject to standard listing conditions.  First Helium expects that the common shares will be listed and begin trading on the Exchange under the symbol “HELI” on July 12, 2021.

“The listing of our common shares for trading on the TSX Venture Exchange is a great milestone for the company. First Helium offers investors the opportunity to participate in a unique industry in the natural resource sector, with end uses that enable key technologies in the scientific research, fiber optic, healthcare and space exploration industries, to name a few,” said Ed Bereznicki, CEO of First Helium.

First Helium is a helium exploration and development company operating in the Worsley area, north of Grande Prairie, in Alberta. It was founded to capitalize on the untapped potential of significant helium resources in Western Canada, in response to the shifting supply dynamics of the global marketplace. Building on its successful discovery well, which has production tested at over 1.3% of helium content over three long-term test periods, First Helium is working to develop its 125 Section land base along the highly prospective Worsley Helium Trend. To establish its operating base, First Helium seeks to market its helium gas into the North American market via term off-take marketing arrangements with established third-party distribution companies.


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