Helium Evolution Incorporated said it completed a C$25 million ($18.5 million) private placement financing, issuing 166.67 million units at C$0.15 per unit.
Each unit consists of one common share and one warrant exercisable at C$0.30 for three years. The financing was fully subscribed, with C$23.7 million from new international investors and C$230,000 from insiders.
Three investors—Henry Maxey, Tough Investments Limited, and Alan Howard—each acquired 49.31 million common shares and warrants for C$7.4 million, representing approximately 15% of the company’s outstanding shares on a non-diluted basis. Pro rata participation and board nomination agreements allow them to maintain their ownership stakes as long as they hold at least 10% of the shares.
The warrants include an acceleration feature triggered if the volume-weighted average trading price reaches or exceeds C$0.50 for 30 consecutive trading days. Securities are subject to a four-month hold period under Canadian securities laws.
Auctus Advisors LLP received a cash fee of C$1.18 million and 6.32 million finder’s warrants. The company plans to use net proceeds for exploration and development at its Saskatchewan helium assets, drilling initiatives, and general corporate purposes.
Helium Evolution, listed on the TSX Venture Exchange under the ticker HEVI and on the OTCQB under HEEVF, is a Canadian helium exploration company focused on assets in southern Saskatchewan.
