On December 8, 2017, American Helium Inc., formerly Karoo Exploration Corp., (the “Company” or “American Helium”), completed a reverse takeover (the “Transaction”) with Bruin Point Energy (“Bruin Point”). The Company also completed a share consolidation on the basis of 13.5 (pre-consolidated common shares) for one (post-consolidated share). The Transaction involved the Company acquiring all of the issued and outstanding common shares of Bruin Point and the shareholders of Bruin Point receiving common shares on a post-consolidated basis in the Company.
As part of the Transaction, the Company also completed a non-brokered private placement financing. The Company issued 13,110,000 post-consolidated shares at a price of C$0.25 per share for gross total proceeds of C$3,277,500.
The Company’s common shares commenced trading on the TSX Venture Exchange on December 11, 2017.
American Helium, headquartered in British Columbia, Canada, is exploring for helium on its acreage, covering 17,767 acres in southeast Carbon County, Utah, with planned exploration well(s) due in 2018. American Helium is poised to capture the opportunity offered by rising helium prices due to growing demand for helium globally being drive by new technology-based applications.
Further details regarding the Transaction and equity financing can be found on American Helium’s website. American Helium trades under the symbol “AHE” on Tier 2 of the TSX Venture Exchange.