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SASKATOON, Saskatchewan, Dec. 16, 2019 (GLOBE NEWSWIRE) -- Royal Helium Ltd. (“Royal” or the “Company”) (TSXV: RHC) announces that it has cancelled its previously announced brokered private placement, led by Leede Jones Gable Inc., offering up to 16,000,000 units (the “Units”) at a price of $0.075 per Unit (see press release of September 27, 2019).
The Company has determined that, in light of the market conditions, the offering should be cancelled until further notice. Royal continues to explore on its existing land package, consisting of over 400,000 acres of prospective helium leases and permits, while also studying additional helium properties in North America.
Andrew Davidson, President and CEO states, “The Company remains bullish on the helium market. The supply and demand characteristics of the helium market continue to support exploration opportunities, and Royal intends to continue towards drilling the Deadwood Sands Formation, known to be prospective for primary helium production in this area of Saskatchewan. Royal’s extensive land holdings are comprised of several large packages with both known and potential traps and closures in the basement structures in the Deadwood formation. Exploration will continue in order to expand target inventory for drill programs to be completed both by Royal Helium and potential joint venture partners in the near future.”
Royal Helium Ltd.
Royal has over 400,000 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
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.