Royal Helium - President and CEO, Andrew Davidson.
President and CEO, Andrew Davidson.
Source: LinkedIn.
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  • Royal Helium Limited (RHC) has closed its acquisition of Imperial Helium Corp. (IHC)
  • Royal acquired all common shares of Imperial in exchange for common shares of Royal
  • Imperial Helium shareholders received 0.614 of a Royal share for each Imperial common share
  • The Imperial common shares are expected to be delisted from the TSX Venture Exchange
  • Royal Helium Ltd is focused on the exploration and development of primary helium production in southern Saskatchewan
  • Royal Helium Ltd. is up 3.968 per cent, trading at $0.328 as at 10:42 AM ET

Royal Helium Limited (RHC) has closed its acquisition of Imperial Helium Corp. (IHC) in an all-shares deal.

Imperial Helium shareholders received 0.614 of a Royal Helium share for each Imperial common share.

The arrangement was approved by Imperial shareholders and the Supreme Court of British Columbia.

“We are very happy to have this transaction completed and we thank the shareholders of Imperial for voting in favour by such an overwhelming margin,” said Andrew Davidson, President and CEO of Royal states.

As a result of the acquisition, the Imperial common shares are expected to be delisted from the TSX Venture Exchange within a few trading days in accordance with the rules and policies of the TSXV.

Imperial will also make an application to cease to be a reporting issuer under applicable Canadian securities laws, subject to the satisfaction of applicable regulatory requirements.

In order to satisfy one of the conditions of closing, Imperial issued 4,444,444 Imperial common shares to Cronin Services Ltd. prior to closing in order to reduce Imperial’s outstanding royalty obligations.

The board of directors of Royal was increased to include one additional director from Imperial’s board of directors. Samuel Kyler Hardy was appointed as a director of Royal following the completion of the arrangement.

Royal Helium Ltd is focused on the exploration and development of primary helium production in southern Saskatchewan.

Royal Helium Ltd. is up 3.968 per cent, trading at $0.328 as at 10:42 AM ET.

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