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First Helium Enters into Long-Term Helium Supply Agreement with Major Global Industrial Gas Company
First Helium Enters into Long-Term Helium Supply Agreement with Major Global Industrial Gas Compa...
About this update from First Helium Inc.
[{"type":"text","content":"\n \n \n \n First Helium Enters into Long-Term Helium Supply Agreement with Major Global Industrial Gas Company\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 \n Arrangement Calls for Sale of up to\n \n $US100 Million\n \n of Helium During First 5 Years\n \n \n \n \n \n TSXV: HELI    OTCQX: FHELF    FRA: 2MC\n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n May 24, 2023\n \n \n /CNW/ -\n \n First Helium Inc. (\"First Helium\" or the \"Company\")\n \n (TSXV: HELI) (OTCQX: FHELF) (FRA: 2MC), is pleased to announce that it has entered into a long-term \"take-or-pay\" helium supply agreement (the \"Agreement\") with a major global industrial gas supplier (the \"Purchaser\") to sell helium gas production from its Worsley Property. The Company has agreed to sell to the Purchaser 80% (with an ability to potentially sell up to 100%) of its produced helium volumes, subject to maximum monthly and annual volume quantities, in accordance with a specified per unit volume pricing schedule.  Depending on the pace of helium production growth at\n \n Worsley\n \n , the Agreement is worth up to\n \n $US 100 million\n \n in potential revenue to First Helium over the first five years of production.\n \n \n \n \n \n \n \n \n \n \"We are very excited to announce the finalization of this helium gas offtake agreement, it will enable us to proceed with the next steps in bringing our 15-25 helium well into production and continue with our plans to develop the expansive helium project at\n \n Worsley\n \n ,\" said\n \n Ed Bereznicki\n \n , President & Chief Executive Officer of First Helium.  \"While we had planned to be able to communicate this milestone to our investors earlier this year, the ultimate 'deal process' associated with negotiating and closing the transaction took much longer than originally anticipated,\" added Mr. Bereznicki. \"In summary, we are extremely pleased with the outcome.  The take-or-pay and term nature of our sales arrangement, combined with the f...