Helium Evolution Inc., a helium exploration company based in Calgary, has announced a new investment agreement with ENEOS Xplora Inc., made through its affiliate ENEOS Xplora USA Limited. As part of the deal, ENEOS USA will purchase a convertible note valued at $8.3 million.
According to a press release from the company, the funds will help support HEVI’s operations in southern Saskatchewan, particularly its 20 percent stake in a helium processing facility in the Mankota region near Soda Lake, which is expected to be up and running by the end of the year.
In addition to the processing plant, the company plans to use part of the investment to drill new wells in the area, beginning with a winter drilling campaign to commence within the coming months.
Commenting on the investment, HEVI CEO Greg Robb said in a statement: “This financing not only strengthens our balance sheet but also positions HEVI to transition into a near-term producer of helium. The upcoming Soda Lake Facility is a cornerstone project that will provide stable processing capacity and create significant growth opportunities for our shareholders.”
