great newsfor the one who can see the potential
VVC EXPLORATION -- ACQUIRES REMAINING INTEREST IN PLATEAU HELIUM CORPORATION
VVC Exploration Corp., following completion of its due diligence, has closed the transaction to buy the remaining 90-per-cent interest in Plateau Helium Corp. from the shareholders of PHC for 21 million shares of VVC, subject to a voluntary escrow and a number of conditions. PHC is now a wholly owned subsidiary of the company.
On November 9, 2020, the Company announced its intention to acquire all of the issued and outstanding shares of PHC. The acquisition process was initiated on December 21, 2020 when the Company acquired the first 10% of the Company. It then completed its full due diligence and has now acquired the remaining 90%. TSX Venture Exchange has approved the transaction.
PHC is a Wyoming Corporation focused on helium exploration and development, primarily in the western US. PHC's initial target project is located in Kansas and currently comprises 69 leases covering 13,760 acres known as the Syracuse Helium Project. Further information on PHC and the Project was disclosed in the news release of November 9, 2020 and December 21, 2020.
On Closing, the Company issued 7,000,000 shares of VVC to the shareholders of PHC in exchange for the 90% interest in PHC and placed the remaining 14 million VVC Shares in escrow, which will only be released from escrow in two tranches of 7 million shares each upon completion of two predetermined benchmarks. Any of the remaining VVC Shares not released from escrow within twelve (12) months will be returned to the treasury of VVC for cancellation. The shares are subject to a Hold Period expiring on May 27, 2021.
"PHC represents a valuable addition to the Company's resource portfolio as it looks to secure a position in the now booming helium market," said Jim Culver, CEO of VVC. "The Syracuse Helium Project presents a tremendous opportunity for the Company. We are very excited about this acquisition and its prospects for VVC shareholders".
Bill Kerrigan, CEO of PHC, commented "we are pleased to be associated with VVC as the interests of both Companies are well aligned. This alignment creates synergies which bode well for the success of both VVC's copper portfolio and now helium".