IMPERIAL HELIUM CORP. ANNOUNCES CHANGE TO BOARD OF DIRECTORS
Imperial Helium Corp. announces the immediate resignation of Dr. David Johnson from its Board of Directors, although he will remain President and CEO until the closure of a planned arrangement with Royal Helium Ltd. A shareholder meeting to approve this arrangement is scheduled for July 12, 2022, and the deal is expected to close by July 31, 2022, pending necessary approvals and conditions. Imperial aims to be a key helium supplier, addressing global shortages critical for various industries including healthcare and electronics.
- Dr. Johnson's continued role as President and CEO may provide stability during the transition.
- The planned arrangement with Royal Helium Ltd. could enhance Imperial's market position.
- Dr. Johnson's departure from the Board raises concerns about leadership continuity.
- Dependence on shareholder approval introduces uncertainty regarding timeline and transaction completion.
Vancouver, British Columbia, June 20, 2022 (GLOBE NEWSWIRE) -- Imperial Helium Corp. (TSXV: IHC) (the “Company” or “Imperial”) today announces that Dr. David Johnson has stepped down from the Company’s Board of Directors effective immediately, but will continue to serve as Imperial’s President and CEO until closing of the previously announced plan of arrangement with Royal Helium Ltd.
A shareholder meeting to approve the plan of arrangement will be held on July 12, 2022 and is expected to close no later than July 31, 2022, subject to obtaining all required approvals and consents, as well as satisfying all required conditions.
About Imperial Helium Corp.
Imperial Helium Corp. is focused on the exploration and development of helium assets in North America, initially through the anticipated commercialization of its Steveville, Alberta helium discovery. With increasing helium supply shortfalls around the world, the Company is committed to becoming a supplier of helium to help meet the needs of the many critical industries which rely on this irreplaceable resource, including healthcare, electronics and semiconductors as well as aerospace and leak detection. Driven by Canadian geoscience and engineering expertise and supported by strategic alliances with key players in the helium and capital markets ecosystem, Imperial intends to leverage its proprietary well database to support longer-term growth. Imperial is based in Calgary, Alberta, and listed on the TSX Venture Exchange under the symbol “IHC”. To learn more about the Company and expand on the subject of helium, please visit www.imperialhelium.ca.
On behalf of the Board of Directors:
(signed) Samuel Kyler Hardy
Samuel Kyler Hardy
Executive Co-Chairman and Director
For more information please contact:
Imperial Helium Corp.
Tel: 250-877-1394
e-mail: khardy@cronincapital.ca
Neither the 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.
Forward-Looking Information
This news release contains certain forward-looking information and statements within the meaning of applicable Canadian securities laws concerning the proposed transaction and the business, operations and financial performance and condition of Imperial. Forward-looking statements and forward-looking information include, but are not limited to, the date of the shareholder meeting to approve the plan of arrangement with Royal Helium Ltd.; the Company’s expectations with regards to the timing of the closing of the plan of arrangement, and Dr. Johnson’s continuing to serve as Imperial’s President and CEO until closing of the previously announced plan of arrangement. Except for statements of historical fact relating to Imperial, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of the management of Imperial at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Imperial and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include: risks of the helium exploration and development industry; the spread of COVID-19 and its variants and the impact of government policies to ameliorate COVID-19 and its variants; failure of plant, equipment or processes to operate as anticipated; changes in market conditions; risks relating to operations; fluctuating helium prices and currency exchange rates; changes in project parameters; the possibility of project cost overruns or unanticipated costs, and the ability of Imperial to obtain the required shareholder, regulatory and court approvals, and otherwise satisfy the closing conditions set out in its previously announced arrangement agreement with Royal Helium Ltd.
These factors are discussed in greater detail in Imperial’s most recent management’s discussion and analysis and management information circular, both of which are filed on Imperial’s SEDAR profile, and provide additional general assumptions in connection with these statements. Imperial cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Imperial believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this presentation should not be unduly relied upon.
Although Imperial has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Imperial does not undertake any obligation to update forward-looking statements if circumstances or management’s estimates or opinions change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
FAQ
What happened to Dr. David Johnson at Imperial Helium?
When is the shareholder meeting for Imperial Helium's plan of arrangement?
When is the expected closing date for the arrangement with Royal Helium?
What is the significance of the arrangement with Royal Helium for Imperial?
