Royal Helium Closes Oversubscribed Bought Deal Financing of $17,250,000Canada NewsWire
SASKATOON, SK, June 8, 2021 /CNW/ - Royal Helium Ltd. ("Royal" or the "Company") (TSXV: RHC) announces that the Company has closed its previously announced prospectus offering of units ("Units") on a bought deal basis of 34,500,00 Units, issued at $0.50 per Unit, for gross proceeds of $17.25 million (the "Offering"), inclusive of 4,500,000 Units issued pursuant to the full exercise of the over-allotment option granted to the underwriters on closing of the Offering.
Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one additional common share of the Company at an exercise price of $0.75 per share for a period of 24 months following the closing of the Offering, provided that the Warrants will be subject to the right of the Company to accelerate the expiry date of the Warrants by providing notice in writing to the holders of Warrants if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange (the "TSXV") is greater than $1.25 per common share for the preceding 10 consecutive trading days. The Warrants have been conditionally approved for listing on the TSXV and are expected to be listed for trading on the TSXV following the close date of the Offering under the symbol RHC.WT, subject the satisfaction of the listing conditions of the TSXV.
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