Royal Helium Ltd. Files for Creditor Protection
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) e le sue sussidiarie hanno presentato domanda di protezione dai creditori ai sensi della Legge sulla Bancarotta e Insolvenza (BIA). L'azienda aveva cercato una soluzione di ristrutturazione extragiudiziale, inclusi tentativi di raccogliere capitali per le esigenze di capitale circolante, obbligazioni verso i creditori e il ripristino dell'impianto di Elios di Steveville.
La presentazione della BIA include un soggiorno delle procedure e la nomina di Doane Grant Thornton LLP come fiduciario per la proposta. La società lavorerà con il fiduciario per snellire le operazioni e condurre un processo di vendita supervisionato dal tribunale per massimizzare il valore degli asset per gli stakeholder. Il consiglio di amministrazione rimarrà in carica, con la direzione che continuerà le operazioni quotidiane sotto la supervisione del fiduciario.
L'azienda potrebbe affrontare una revisione di delisting da parte del TSX Venture Exchange. Inoltre, il vicepresidente di Geologia e COO ad interim, Shayne Neigum, si è dimesso per perseguire altre opportunità.
Royal Helium (TSXV: RHC) (OTCQB: RHCCF) y sus subsidiarias han solicitado protección para acreedores bajo la Ley de Quiebras e Insolvencia (BIA). La empresa había estado buscando una solución de reestructuración fuera de los tribunales, incluidos intentos de recaudar capital para necesidades de capital de trabajo, obligaciones con los acreedores y la reactivación de la Instalación de Helio de Steveville.
La presentación de la BIA incluye una suspensión de los procedimientos y el nombramiento de Doane Grant Thornton LLP como fideicomisario de la propuesta. La empresa trabajará con el fideicomisario para racionalizar las operaciones y llevar a cabo un proceso de venta supervisado por el tribunal para maximizar el valor de los activos para los interesados. La junta directiva permanecerá en su puesto, con la dirección continuando las operaciones diarias bajo la supervisión del fideicomisario.
La empresa enfrenta una posible revisión de deslistado por parte de TSX Venture Exchange. Además, el vicepresidente de Geología y COO interino, Shayne Neigum, ha renunciado para buscar otras oportunidades.
로열 헬륨 (TSXV: RHC) (OTCQB: RHCCF) 및 그 자회사들은 파산 및 insolvency 법 (BIA) 하에 채권자 보호를 신청했습니다. 이 회사는 법정 밖에서의 구조조정 솔루션을 모색해 왔으며, 자본금 조달을 위한 노력, 채권자 의무 및 스티브빌 헬륨 시설의 재가동을 포함하고 있습니다.
BIA 신청서에는 소송의 중지와 제안 수탁자로 도안 그랜트 손튼 LLP의 임명이 포함됩니다. 이 회사는 수탁자와 협력하여 운영을 간소화하고 이해관계자들을 위한 자산 가치를 극대화하기 위해 법원 감독하에 판매 절차를 수행합니다. 이사회는 계속해서 운영되며, 경영진은 수탁자의 감독 하에 일상적인 운영을 계속합니다.
이 회사는 TSX 벤처 거래소에 의한 상장 폐지 검토에 직면해 있습니다. 또한, 회사의 지질학 부사장 겸 임시 COO인 셰인 나이검이 다른 기회를 추구하기 위해 사임했습니다.
Royal Helium (TSXV: RHC) (OTCQB: RHCCF) et ses filiales ont demandé une protection des créanciers en vertu de la Loi sur la faillite et l'insolvabilité (BIA). L'entreprise avait cherché une solution de restructuration à l'amiable, y compris des tentatives de lever des fonds pour les besoins en fonds de roulement, les obligations envers les créanciers et la remise en service de l'installation de hélium de Steveville.
Le dépôt de la BIA comprend un gel des procédures et la nomination de Doane Grant Thornton LLP en tant que fiduciaire de la proposition. L'entreprise travaillera avec le fiduciaire pour rationaliser les opérations et mener un processus de vente supervisé par le tribunal afin de maximiser la valeur des actifs pour les parties prenantes. Le conseil d'administration restera en place, la direction poursuivant les opérations quotidiennes sous la supervision du fiduciaire.
L'entreprise fait face à une éventuelle révision de désinscription par la TSX Venture Exchange. De plus, le vice-président de la géologie et COO par intérim, Shayne Neigum, a démissionné pour poursuivre d'autres opportunités.
Royal Helium (TSXV: RHC) (OTCQB: RHCCF) und seine Tochtergesellschaften haben Gläubigerschutz gemäß dem Insolvenzrecht (BIA) beantragt. Das Unternehmen hatte nach einer außergerichtlichen Restrukturierungslösung gesucht, einschließlich der Versuche, Kapital für die Betriebsmittel, Verbindlichkeiten gegenüber Gläubigern und die Wiederinbetriebnahme der Heliumanlage in Steveville zu beschaffen.
Die BIA-Anmeldung umfasst einen Verfahrensstillstand und die Ernennung von Doane Grant Thornton LLP als Treuhänder für den Vorschlag. Das Unternehmen wird mit dem Treuhänder zusammenarbeiten, um die Geschäftstätigkeit zu optimieren und einen gerichtlich überwachten Verkaufsprozess durchzuführen, um den Vermögenswert für die Stakeholder zu maximieren. Der Vorstand bleibt im Amt, und die Geschäftsleitung setzt die täglichen Operationen unter der Aufsicht des Treuhänders fort.
Das Unternehmen sieht sich einer möglichen Delisting-Prüfung durch die TSX Venture Exchange gegenüber. Darüber hinaus hat der VP für Geologie und amtierende COO, Shayne Neigum, gekündigt, um andere Möglichkeiten zu verfolgen.
- None.
- Filed for bankruptcy protection under BIA
- Failed to secure out-of-court restructuring solution
- Insufficient working capital to meet obligations
- VP of Geology/COO resigned
- Faces potential delisting from TSXV
- Steveville Helium Facility requires re-commissioning
Toronto, Ontario--(Newsfile Corp. - January 20, 2025) - Royal Helium Ltd. (TSXV: RHC) (OTCQB: RHCCF) ("Royal") announced today that Royal and its subsidiaries, Royal Helium Exploration Limited and Imperial Helium Corp. (together with Royal, the "Company"), filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (the "BIA").
The Company has been actively pursuing an out-of-court restructuring solution, which included, among other things, initiatives to raise additional capital to meet working capital needs, creditor obligations and fund engineering requirements to appropriately re-commission the Steveville Helium Facility. Following such review and after careful consideration of all available alternatives, and consultation with counsel, the board of directors of the Company determined that it is in the best interests of the Company and its stakeholders to file for protection under the BIA.
The filing under the BIA includes, among other things: (i) a stay of proceedings in favour of the Company, and (ii) the appointment of Doane Grant Thornton LLP as the proposal trustee of the Company (in such capacity, the "Trustee").
The Company sought creditor protection under the BIA in order to obtain a stay of proceedings that will allow the Company to work with the Trustee to facilitate the development of an orderly process designed to streamline its interim administrative and operational needs and conduct a Court-supervised sales process to obtain a going concern solution for its operations and maximize the value of the Company's assets for the benefit of its stakeholders.
The board of directors of the Company will remain in place and management will remain responsible for the day-to-day operations of the Company, under the general oversight of the Proposal Trustee.
It is anticipated that TSX Venture Exchange (the "TSXV") will place the Company under delisting review and there can be no assurance as to the outcome of such review or the continued qualification for listing on the TSXV.
Other Recent Events:
As the Company has been working toward a restructuring solution, the Company's VP of Geology (Shayne Neigum), who had also been acting in the capacity of its COO resigned from the Company to pursue other opportunities. The Company expresses its appreciation for Shayne's contributions to the business and wishes him the best in his future activities.
About Royal Helium Ltd.
Royal is an exploration, production and infrastructure company with a primary focus on the development of helium and associated gases. The Company's extensive footprint includes prospective helium permits and leases across Southern Saskatchewan and southeastern Alberta.
Royal's helium reservoirs are carried primarily with nitrogen. Nitrogen is not considered a greenhouse gas (GHG) and therefore has a low GHG footprint when compared to other jurisdictions that rely on large scale natural gas production for helium extraction. Helium extracted from wells in Saskatchewan and Alberta can be up to
Forward-Looking Statements
This news release includes certain statements that may be deemed to be "forward-looking statements." All statements in this news release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including, the statements relating to the Company's continued listing on the TSXV, and other statements that are not historical facts. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedarplus.ca for further information on the risks and uncertainties associated with the Company's business. Readers should not place undue reliance on forward-looking information and statements, which speak only as of the date made. The forward-looking information and statements contained in this release represent our expectations as of the date of this release. The Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information or statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
For further information:
Royal Helium Ltd.
David Young, CEO
Email: info@royalheliumltd.com
Doane Grant Thornton LLP
Dan Wootton, Trustee
Phone: +1 416 360 3063
Email: Dan.Wootton@doane.gt.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237832
FAQ
What are the implications of Royal Helium (RHCCF) filing for creditor protection?
Will Royal Helium (RHCCF) continue trading on the TSXV after filing for bankruptcy protection?
What happens to Royal Helium's (RHCCF) management after the BIA filing?
What led to Royal Helium's (RHCCF) bankruptcy protection filing in January 2025?
