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Royal Helium (TSXV: RHC) (OTCQB: RHCCF) has announced the cancellation of its previously announced private placement offering of debenture units from December 2, 2024. On January 20, 2025, the company filed a notice of intention under the Bankruptcy and Insolvency Act (BIA) after failing to secure an out-of-court restructuring solution.
The company's directors determined that filing for BIA protection was the best course of action for the company and its stakeholders after reviewing all financing options. Existing debentureholders of both 14% convertible debentures (due December 31, 2025) and 12% convertible debentures (due June 30, 2025) will retain their holdings under existing terms, with all previous tender consents becoming void.
Additionally, board member Karl Kurz has resigned with immediate effect.
Royal Helium (TSXV: RHC) (OTCQB: RHCCF) and its subsidiaries have filed for creditor protection under the Bankruptcy and Insolvency Act (BIA). The company had been seeking an out-of-court restructuring solution, including attempts to raise capital for working capital needs, creditor obligations, and re-commissioning of the Steveville Helium Facility.
The BIA filing includes a stay of proceedings and the appointment of Doane Grant Thornton LLP as proposal trustee. The company will work with the trustee to streamline operations and conduct a Court-supervised sales process to maximize asset value for stakeholders. The board of directors will remain in place, with management continuing day-to-day operations under trustee oversight.
The company faces potential delisting review by TSX Venture Exchange. Additionally, the company's VP of Geology and acting COO, Shayne Neigum, has resigned to pursue other opportunities.
Royal Helium (TSXV: RHC) (OTCQB: RHCCF) has announced its decision to issue 19,446,667 common shares at $0.030 per share to satisfy interest payments on two convertible debentures. The company will issue 9,846,667 shares for the 14% Debentures ($4,220,000 principal) and 9,600,000 shares for the 12% Debentures ($4,800,000 principal). The interest payments amount to $295,400 for the 14% Debentures and $288,000 for the 12% Debentures, both due December 31, 2024. This share issuance is subject to TSX Venture Exchange approval and follows the terms of debenture indentures dated February 8 and June 12, 2023.
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