16 December 2020
Imperial X Plc
(“Imperial X” or the “Company”)
Participation in Private Placement
Imperial X Plc is pleased to announce that is has participated in a private placement undertaken by Imperial Helium Corp. (“Imperial Helium”) a Canadian company which is focused on acquiring and developing helium resources in the western Canadian Sedimentary Basin.
Subject to completion of the proposed acquisitions announced on 28 August 2020, Imperial X will own 450,000 preference shares in Imperial Helium through the acquisition of Cloudbreak Discovery Corp.
Imperial Helium is undertaking a private placement in advance of its proposed admission to a public equity market during the first quarter of 2021. The private placement has to date raised C$493,000 out of a target raise of C$1,000,000 through the issue of convertible debentures with a 10% coupon, maturing 18 months from the date of issuance, converting automatically into common shares of Imperial Helium at the IPO at a 20% discount to the IPO price. Imperial X has subscribed for C$110,000 convertible debentures.
Kyler Hardy, CEO of Imperial X, is a director of Imperial Helium and consequently the subscription is considered to be a Related Party Transaction under the AQSE Growth Market Rules for Issuers.
Kyler Hardy, CEO, commented “The acquisition of the loan notes combined with the preference shares will form a material asset for Imperial X. Helium is a very exciting economic resource with demand increasing for medical, industrial and scientific applications while geopolitically stable supply is scarce. Imperial Helium is well placed to compete in a developing industry with a strong management team, foundational asset and pipeline of potential acquisitions.”
This announcement contains information which, prior to its disclosure, was inside information for the purposes of Article 7 of EU Regulation 596/2014.
The Directors of the Company accept responsibility for the content of this announcement.
For further information please contact:
Imperial X Plc
Tel: +1 250 877 1394
Novum Securities Limited
David Coffman / Lucy Bowden
Tel: +44 (0)207 399 9400
Tim Blythe / Alice McLaren / Madeleine Gordon-Foxwell
Tel: +44 (0)207 138 3204