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Total Helium Completes Acquisition of Joint Venture Interest in Helium Production in Arizona and Private Placement Financing
Total Helium Completes Acquisition of Joint Venture Interest in Helium Production in Arizona and ...
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[{"type":"text","content":"\n \n \n \n Total Helium Completes Acquisition of Joint Venture Interest in Helium Production in Arizona and Private Placement Financing\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO\n \n THE UNITED STATES\n \n ./\n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n May 1, 2023\n \n \n /CNW/ -\n \n Total Helium Ltd.\n \n (TSXV: TOH), (OTCQB: TTLHF) (\"\n \n Total Helium\n \n \" or the \"\n \n Company\n \n \") announces that it has completed the acquisition of a joint venture interest in the Pinta South Helium Project in\n \n Arizona\n \n . Pursuant to the terms of a definitive purchase and sale agreement (the \"\n \n Purchase Agreement\n \n \"), dated effective\n \n January 17, 2023\n \n , and as subsequently amended, the Company has acquired (the \"\n \n Transaction\n \n \") an interest in existing helium production as well as a working interest in a helium exploration and production program in the\n \n Holbrook\n \n Basin (the \"\n \n Pinta South Project\n \n \"). The Purchase Agreement was entered into between Brooks Range Corporation, a wholly-owned subsidiary of the Company, Pinta South Operating Company, LLC, Butler Minerals I, LLC and Mid America Exploration LLC (collectively, the \"\n \n Vendors\n \n \").\n \n \n Pursuant to the terms of the Transaction, the Company acquired a 20% interest in 2 producing wells and a 50% interest in eight additional existing wells which are being connected to a helium processing plant for a total purchase price of\n \n US$12,000,000\n \n (the \"\n \n Purchase Price\n \n \"), of which the Company advanced\n \n US$200,000\n \n prior to completion of the Transaction as a deposit to be credited towards the Purchase Price. Under the terms of the Purchase Agreement, and subsequent amendments, the Purchase Price was satisfied through a one-time cash payment of\n \n US$8,000,000\n \n and the issuan...