Helium Evolution Incorporated (TSXV:HEVI)
("
HEVI" or the "
Company"), a
Canadian-based helium exploration company focused on developing
assets in southern Saskatchewan, today announced the filing of the
Company’s interim condensed financial statements and associated
management’s discussion and analysis for the three and six month
periods ended June 30, 2023 (the “
Quarterly
Report”).
Complete details of the Quarterly Report are
available on SEDAR at www.sedar.com, and on HEVI’s website.
Three and Six Month Periods Ended June
30, 2023 Highlights:
|
Three months ended |
Six months ended |
Tabular amounts in thousands ofCanadian Dollars, except share and
per share amounts |
June 30, 2023 |
June 30, 2022 |
June 30, 2023 |
June 30, 2022 |
Financial |
|
|
|
|
Net loss |
331 |
1,342 |
642 |
2,996 |
Net loss per share, basic and diluted |
0.00 |
0.02 |
0.01 |
0.05 |
|
|
|
|
|
Cash |
7,728 |
14,216 |
7,728 |
14,216 |
Working capital |
8,781 |
14,803 |
8,781 |
14,803 |
Total assets |
13,027 |
17,674 |
13,027 |
17,674 |
Total liabilities |
375 |
976 |
375 |
976 |
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
Basic and diluted1 |
96,033,974 |
79,118,595 |
96,033,974 |
60,467,902 |
1The weighted average number of common shares
outstanding is not increased for outstanding stock options and
warrants when the effect is anti-dilutive.
During the first half of 2023, HEVI continued to
execute on its focused strategy of developing the Company’s 5.6
million acres of helium rights in southern Saskatchewan and
advancing its ultimate goal of producing and selling helium,
generating cash flow and driving positive returns for shareholders.
HEVI has remained committed to maintaining ongoing financial
flexibility, demonstrated by a positive working capital position of
$8.8 million at June 30, 2023. In the first half of 2023, the
Company added significantly to its seismic database, which now
totals approximately 2,000 kilometers. Using the seismic data HEVI
has accumulated to date, the Company’s team is actively working on
developing prospective helium targets and internally generated
drilling opportunities that can be pursued through Q4/23 and Q1/24.
As plans are solidified later in 2023, the Company looks forward to
providing stakeholders with further updates.
Operations Update
The Company is also pleased to announce that its
farm-in partner, North American Helium Inc.
(“NAH”), has confirmed the spudding of the farmout
well at 6-13-5-7W3 (“Test Well Area #2”), pursuant
to a previously announced seismic agreement (the “Seismic
Agreement” or “SA”) (see news releases
dated October 21, 2022, and June 28, 2022). Test Well Area #2 is
situated approximately 20 kilometers northeast of the NAH helium
discovery at Mankota. NAH is responsible for 100% of the drilling
costs for Test Well Area #2, while HEVI retains a 20% working
interest in that well, supporting the Company’s continued financial
flexibility and capital conservation.
NAH has also informed HEVI of its intention to
amend one of its previously selected locations from 5-36-3-9W3 to
12-36-3-9W3 (“Test Well Area #1”), due to surface
issues at the originally selected location. As Test Well Area #1 is
now relocated on native prairie with regulatory requirements only
allowing drilling access on frozen ground conditions, HEVI has
granted NAH an extension of the spud date from the original August
31, 2023 to a date that is on or before November 1, 2023.
Stay Connected to Helium
Evolution
Shareholders and other parties interested in
learning more about the Helium Evolution opportunity are encouraged
to visit the Company’s website, which includes the Company’s
current corporate presentation, and are invited to follow the
Company on LinkedIn and Twitter for ongoing corporate updates and
helium industry information. Helium Evolution also provides an
extensive, commissioned ‘deep-dive’ research report prepared by a
third party whose background includes serving as a research analyst
for several bank-owned and independent investment dealers. In
addition to recent media articles, HEVI maintains a profile on the
Investing News Network platform, where further information,
editorial pieces and industry reviews are available.
About Helium
Evolution Incorporated
Helium Evolution is a Canadian-based helium
exploration company holding the largest helium land rights position
in North America among publicly traded companies, focused on
developing assets in southern Saskatchewan. The Company has 5.6
million acres of land under permit near proven discoveries of
economic helium concentrations which will support scaling the
exploration and development efforts across its land base. HEVI’s
management and board are executing a differentiated strategy to
become a leading supplier of sustainably-produced helium for the
growing global helium market.
For further
information, please
contact:
Greg Robb, President &
CEOKristi Kunec, CFO |
Phone: 1-587-330-2459Email:
info@heliumevolution.caWeb: https://www.heliumevolution.ca/ |
|
|
Cindy Gray, Investor
Relations |
info@5qir.com | 1-403-705-5076 |
|
|
Statement
Regarding Forward-Looking
Information
This news release contains statements that
constitute "forward-looking statements." Such forward looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements,
or developments in the industry to differ materially from the
anticipated results, performance or achievements expressed or
implied by such forward-looking statements. Forward looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects,"
"plans," "anticipates," "believes," "intends," "estimates,"
"projects," "potential" and similar expressions, or that events or
conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements in this document
include statements regarding the Company's expectations regarding
the Company and/or NAH’s exploration and drilling plans, the
Company’s ability to identify future exploration and drilling
targets, increasing shareholder value, the Company’s ability to
preserve capital, the drilling timeline for and success of any
future Company and/or NAH drills, timing of ongoing updates to
stakeholders and other statements that are not historical facts. By
their nature, forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause actual
results, performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors and risks include, among others: the
Company may be unsuccessful in drilling commercially productive
wells; the Company and/or NAH may choose to defer, accelerate or
abandon its drilling plans; new laws or regulations and/or
unforeseen events could adversely affect the Company’s business and
results of operations; stock markets have experienced volatility
that often has been unrelated to the performance of companies and
such volatility may adversely affect the price of the Company's
securities regardless of its operating performance; risks generally
associated with the exploration for and production of resources;
the uncertainty of estimates and projections relating to expenses;
constraint in the availability of services; commodity price and
exchange rate fluctuations; adverse weather or break-up conditions;
and uncertainties resulting from potential delays or changes in
plans with respect to exploration or development projects or
capital expenditures.
When relying on forward-looking statements and
information to make decisions, investors and others should
carefully consider the foregoing factors and risks, other
uncertainties and potential events. The Company has assumed that
the material factors referred to in the previous paragraphs will
not cause such forward-looking statements and information to differ
materially from actual results or events. However, the list of
these factors is not exhaustive and is subject to change and there
can be no assurance that such assumptions will reflect the actual
outcome of such items or factors. The reader is cautioned not to
place undue reliance on any forward-looking information. Such
information, although considered reasonable by management at the
time of preparation, may prove to be incorrect and actual results
may differ materially from those anticipated. Forward-looking
statements contained in this press release are expressly qualified
by this cautionary statement. The forward-looking statements
contained in this press release are made as of the date of this
press release. The Company does not intend, and expressly disclaims
any intention or obligation to, update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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