SASKATOON, Saskatchewan, June 21, 2019 (GLOBE NEWSWIRE) -- Royal Helium Ltd. (“Royal” or the “Company”) (TSXV: RHC) announces that on July 22, 2019 it will hold an annual and special meeting of shareholders (the “Special Meeting”) to consider, and if deemed appropriate, to approve a special resolution to authorize an amendment of Royal’s articles to consolidate the issued and outstanding shares of the Company on the basis of one post-consolidation common share for every five pre-consolidation common shares. The Company currently has 181,031,947 shares issued and outstanding which will be consolidated to approximately 36,206,289 issued and outstanding shares. The details of the matters proposed to be put before the Special Meeting are set forth in the management information circular (the “Circular”) to be available on SEDAR and mailed to shareholders on or about June 25, 2019. Other items to be voted on at the special meeting include the approval of the annual audited financial statements, election of directors and the approval of the Company’s stock option plan. The subject consolidation is subject to shareholder approval and to acceptance by the TSX Venture Exchange.
Royal’s board of directors believes that the proposed consolidation is in the best interest of its shareholders in that it will allow Royal greater flexibility and opportunity regarding future financing activities, which will be required to advance its exploration properties in a meaningful manner.
The Company is currently completing a geotechnical study utilizing current and past producing helium well data, seismic, government data, geological data and mapping. The study specifically targets known fields and formations that are currently producing or have produced primary helium in Saskatchewan. The results of the study will direct the next phase of the 2019 exploration program, which will be announced when finalized.
Royal Helium Ltd.
Royal has over 500,000 acres of prospective helium land in south western and south central Saskatchewan. All of Royals’ lands are in close vicinity to highways, roads, cities and importantly, close to existing oil and gas infrastructure, with a significant portion of its land in close proximity to existing helium producing locations. With stable, rising prices and limited, non-renewable sources for helium worldwide, Royal intends to become a leading North American producer of this high value commodity.
For more information, please contact Andrew Davidson, the Chairman, President and CEO of the Company.
Andrew Davidson, CEO
Royal Helium Ltd.
1 (306) 653-2692
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.