LOI with Helios Helium - exciting road ahead? Pursuant to the LOI, Helios will spin out its helium property and sundry assets into a new entity such that Helios's assets will only comprise cash and certain marketable securities. Thereafter, each shareholder of Helios will receive one common share of the company in exchange for each common share of Helios held. Total share consideration is expected to be approximately 36.5 million Promino common shares. The parties and their respective legal and tax advisers will negotiate and execute a definitive agreement setting out the terms and structure for the proposed transaction.
Helios has advanced a bridge loan in the principal amount of $1-million to the company (see news release of the company dated April 19, 2024), which bridge loan is expected to be forgiven on completion of the transaction.