Royal Helium Ltd (TSX-V:RHC, OTCQB:RHCCF). said the shareholders of Imperial Helium Ltd have overwhelmingly approved, at a special meeting, Royal’s acquisition of Imperial through a statutory plan of arrangement under the Business Corporations Act (British Columbia).
Of the votes cast by Imperial shareholders, 86.7% were in favour of the special resolution approving the arrangement. Around 35.75% of the total issued and outstanding common shares and preferred shares of Imperial voted at the meeting.
"The addition of Imperial and its Steveville and Steveville East assets to Royal's significant project portfolio of helium properties in Saskatchewan is highly opportunistic for Royal Helium, Andrew Davidson, the CEO, said in a statement.
READ: Imperial Helium strikes an agreement to be acquired by Royal Helium
“With the current spike in the prices for helium, Royal will be putting the two Steveville wells along with Royal's Climax wells on production as soon as possible. Two separate processing facilities for Saskatchewan and Alberta will be commissioned with delivery and completion anticipated for Q1 of next year. We are pleased that we were able to complete this transaction at this opportune time and that Imperial's shareholders saw the tremendous value in Royal's leadership, assets and business plan," he added.
Imperial will now seek a final order of the British Columbia Supreme Court under Section 291 of the BCBCA. If successful, the acquisition is scheduled to close later in July.
Under the terms of the arrangement, Royal will acquire all of the issued and outstanding common shares of Imperial in exchange for 0.614 of a Royal common share for each Imperial share that is outstanding, the company said.
Shortly after the completion of the arrangement, Imperial's common shares will be delisted from the TSX Venture Exchange and Royal also intends to apply to the applicable securities regulatory authorities for an order declaring Imperial to no longer be a reporting issuer in each of its reporting jurisdictions, it added.
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