CALGARY, Alberta, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Imperial Helium Corp. (TSXV: IHC) (“IHC” or the “Company”), a growth-oriented company focused on advancing commercialization of our Steveville, Alberta helium discovery, today announces changes to our management team and Board of Directors, designed to continue positioning IHC for long-term growth and success. In addition, the Company confirms the engagement of an investor relations consulting firm and a corporate secretary to support ongoing capital markets communications and market engagement strategies.
Management Appointment
IHC is pleased to announce that Mr. Barry Lappin has assumed the role of Chief Financial Officer, taking over the position from Mr. David Robinson, who had been serving as contract CFO until the Company filled the role with a permanent appointee.
Mr. Lappin brings over 20 years of experience in the Canadian and international oil and gas industry with both small private and large public companies including TechnipFMC and Aker Solutions. He spent 18 years with Deloitte in the audit, tax and consulting practices both in Canada and the UK. Through his career, Mr. Lappin has been an active volunteer within the oil and gas industry, including serving on the Board of the Canadian Heavy Oil Association for 8 years and serving as its President during 2010/11. Prior to joining the Company, Mr. Lappin had been providing consulting services to Imperial Helium to assist in financing, which has afforded him insight and familiarization with IHC’s business strategy and projects. Mr. Lappin holds a Bachelor of Commerce degree from the University of Alberta and has been a member of the Chartered Professional Accountants of Alberta since 1984.
Board of Director Changes
IHC is also pleased to confirm that the Company has appointed Mr. Campbell Becher to the Board of Directors. Over the course of his celebrated 20+ years in the investment banking industry, Mr. Becher has specialized in advising publicly listed junior resource companies from the exploration stage to full production, a milestone IHC anticipates achieving in the coming 12 to 14 months. He currently serves on the board of Royal Helium Ltd., a Saskatchewan based helium explorer, and as such, brings a wealth of experience in the resource sector coupled with his extensive network of investors. We are pleased to see and secure increasing interest from experienced market participants as IHC continues to develop our assets and enhance engagement with the capital markets.
Concurrent with this appointment, Ms. Monica Rovers has stepped down from her position on the Board.
“The additions of Campbell and Barry further enhance the depth of expertise within IHC as we approach commercialization of our high-quality helium assets, and we look forward to working with 5Q to expand market awareness of our unique story," said David Johnson, Chief Executive Officer and Director of the Company. "With the transition, we wish to thank Ms. Monica Rovers for her service on the Board, and Mr. David Robinson, who both remain strategic allies to IHC.”
Engagement of Investor Relations Firm and Corporate Secretary
IHC also confirms today that we have engaged 5 Quarters Investor Relations, Inc. (“5Q”) to provide investor relations and capital markets advisory services to the Company. 5Q will work with IHC’s leadership team to advance our broad communications goals, facilitate engagement with the capital markets and support continued growth. Arrangement fees are estimated based on a targeted number of hours to be incurred each month, with the first quarter estimated at $15,000 per month; the second quarter at $10,000 and subsequent months at $7,500. The arrangement has no fixed term with IHC and 5Q is able to terminate at any time with 30 days’ notice. 5Q acts at arm’s length to IHC and does not have any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest. This investor relations agreement is subject to the approval of the TSX Venture Exchange.
The Company has also appointed Mr. Ashif Merani as Corporate Secretary. Mr. Merani is a senior lawyer and has provided counsel to clients across a diverse range of sectors, specializing in M&A, securities, corporate finance and commercial matters.
In concert with all personnel changes, the Company has granted 900,000 incentive stock options (“Options”) to directors and officers. The Options have an exercise price of $0.20 per share, are valid for a five-year period from the date of grant and are subject to approval of the TSX Venture Exchange.
About the Steveville Helium Property
IHC’s Steveville property is situated over a large basement dome feature with four-way closure. The property is approximately 200Km east of Calgary and 40Km northeast of Brooks where highways 544/876 cross the structure, providing easy access for drilling and development. The property includes 24,635 hectares (95 square miles) of land leased from Heritage Royalty Resource Corporation, with rights for natural gas (including helium) below the base of the Big Valley and Nisku formations.
In the winter of 1940, the first deep well to be drilled in the area was 13-22-020-12W4, which, owing to a mechanical failure on surface, resulted in the Steveville blow-out. After the well was brought under control, production testing came in at six million cubic feet a day (6MMCf/d) of non-burnable gas. Four subsequent wells that were drilled exploring for hydrocarbons, 08-22-020-12W4 (1947); 14-11-020-11W4 (1953); 16-11-020-12W4 (1974); and 01-24-020-11W4 (2002) confirmed the structure. Imperial Helium has acquired seismic to provide an improved understanding of the basement structure. Drilling of IHC-Steveville-1 and IHC-Steveville-2 have further defined the structure and validated the superior reservoir quality first encountered by the Steveville blow-out well. IHC-Steveville-2 has been identified as a future producing well capable of sustained rates of 5-8MMcf/d for more than three years.
About Imperial Helium Corp.
Imperial Helium Corp. (“IHC”) is focused on the exploration and development of helium assets in North America, initially through the anticipated commercialization of its Steveville, Alberta helium discovery. With increasing helium supply shortfalls around the world, the Company is committed to becoming a supplier of helium to help meet the needs of the many critical industries which rely on this irreplaceable resource, including healthcare, electronics and semiconductors as well as aerospace and leak detection. Driven by Canadian geoscience and engineering expertise and supported by strategic alliances with key players in the helium and capital markets ecosystem, IHC intends to leverage its proprietary well database to support longer-term growth. IHC is based in Calgary, Alberta, and listed on the TSX Venture Exchange under the symbol “IHC”. To learn more about the Company and expand on the subject of helium, please visit www.imperialhelium.ca.
About 5 Quarters Investor Relations, Inc.
5Q is an independent, Calgary-based consulting and advisory firm specializing in investor relations and financial communications strategies. We have disrupted the traditional investor relations and communications advisory model for a diverse array of both public and private companies. Formed in 2013, the 5Q team embodies our core values of trust, quality and integrity. We bring hands-on and multi-disciplinary business experience combined with tailored strategies to help build shareholder value. Learn more at https://5qir.com/.
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Forward-Looking and Cautionary Statements
Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “will” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, statements concerning: drilling activities; discovery activities including re-discovering and capturing the Steveville blow-out; and the business plan of the Company, generally, including helium development and extraction. The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Imperial. Although Imperial believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Imperial can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the helium industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraint in the availability of services, commodity price and exchange rate fluctuations, the current COVID-19 pandemic, changes in legislation impacting the helium industry, 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.
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