Total Helium Ltd (TOH.V) (OTCQB:TTLHF) Implements Automatic Exercise of Special Warrants, Boosting Market Confidence
On June 27 Total Helium Ltd (TOH.V) (OTCQB:TTLHF) was in the news cycle after the company made a major new announcement. It announced that it had got a receipt from the securities regulatory agencies of the provinces Alberta, Saskatchewan, and British Columbia with regard to a final short-form prospectus dated June 21, 2023.
The prospectus relates to the distribution of a total of 25,000,000 units in Total Helium, which are going to be issued for no extra consideration once the deemed exercise of an equivalent number of special warrants is completed. The Special Warrants had been issued previously as part of a brokered private placement from the company on May 1, 2023, for the price of $0.50 each to raise gross proceeds of $12,500,000. That offering had been led by Heywood Securities.
As per the terms of the indenture of the special warrants between Total Helium and Computershare Trust Company of Canada, the special warrant agent, each Special Warrant had been exercised automatically into one unit. Each unit, in turn, is made up of one common share in the company and a common share purchase warrant. A warrant entitles the holder to pick up an additional common share in the company for the price of $0.75 a share.
