Dr. David Johnson has stepped down from Imperial Helium’s Board of Directors, effective immediately.

Confirming the move today (20th June), the helium exploration firm said Dr Johnson will, however, continue to serve as the company’s President and CEO until it finalises its announced acquisition plan with Royal Helium.

It was last month (May 2022) unveiled that Royal Helium had entered into an agreement to acquire Imperial Helium through a plan of agreement.

Set to benefit the unpredictable market, Royal Helium’s purchase of Imperial Helium will create a larger entity in the helium space with increase access to capital for the financing of helium exploration, development and processing plant expenditures.

Read more: Royal Helium inks deal to acquire Imperial Helium

A shareholder meeting to approve the plan of arrangement will be held on 12th July (2022) and is expected to close no later than 31st July (2022), subject to obtaining all required approvals and consents, as well as satisfying all required conditions.