North American Helium has said it will bring additional helium production online in 2022, as the exploration and production company today (23rd Nov) confirmed that it has raised $127m to accelerate growth.
Led by XM Capital Partners Opportunity Fund, a new investor in North American Helium, the financing will advance the company’s active exploration and development plans for 2021/22 drilling season.
To date, North American Helium is the most active helium driller in Saskatchewan, Canada, with over 30 wells drilled at the time of publication. Looking ahead, the company plans to have a continuous capital investment programme, which will include acquisition of additional third-party and proprietary seismic data, drilling 15-20 wells per year and building additional helium processing facilities.
Nicholas Snyder, Chairman and CEO of North American Helium, said, “I would like to thank our existing shareholders for the continued support and welcome XM Capital Partners as a significant new shareholder.”
“This financing, along with internally generated cash flow, positions us to have maximum flexibility to develop multiple production assets simultaneously, and to support our strategy of building a platform to produce reliable long-term sources of green helium supply in North America.”
“With the increased focus on the sustainability and reliability of supply chains globally, our company is uniquely positioned to help ensure that there will be sufficient helium supplies into the future for the rapidly growing space exploration and semiconductor manufacturing industries.”
In conjunction with the financing news, North American Helium has announced the appointment of David Allen as Executive Vice-President of Exploration and Planning, to help spearhead the classification and prioritisation of growth opportunities.
A geologist with over 35 years of experience in senior leadership roles across broad business functions, Allen brings a wealth of knowledge to the North American Helium team and will actively be involved in the company’s engineering and long-term planning.
On the appointment, Marlon McDougall, President and Chief Operating Officer of North American Helium, added, “It is a very exciting time at North American Helium as we have entered a significant growth phase.”
“In order to meet these expectations, we will continue to expand roles and functions as necessary in order to build on our reputation as the leading helium exploration and production company in North America. I’m happy to have someone of Dave’s calibre onboard to help drive this effort.”