Imperial Helium Corp. Announces Completion of Private Placement Financing
Summary
If the Escrow Release Conditions are satisfied on or before 5:00 p.m. (Calgary time) on the date that is 120 days following closing of the Offering (the "Deadline Date"), the proceeds from the sale of the Subscription Receipts will be released from escrow to Imperial and each Subscription Receipt will be exchanged for one Unit for no additional consideration and without any action on the part of the holder. Pursuant to the Agency Agreement, the Agents are entitled to receive from Imperial a cash commission equal to 6.0% of the gross proceeds of the Offering (less the Presidents List), 50% of which has been paid by the Company upon closing of the Offering, with the balance of the commission to be paid by the Company upon satisfaction of the Escrow Release Conditions. In addition, Imperial will issue, upon satisfaction of the Escrow Release Conditions, warrants to the Agents to purchase such number of Units as is equal to 6.0% of the Subscription Receipts sold pursuant to the Offering (less the Presidents List). These include, but are not limited to, risks associated with the helium industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraint in the availability of services, commodity price and exchange rate fluctuations, the current COVID-19 pandemic, changes in legislation impacting the helium industry, adverse weather or break-up conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The TSX Venture Exchange Inc. has in no way passed upon the merits of the Offering and has neither approved nor disapproved of the contents of this press release.