Helium Evolution Incorporated, a recently formed Canadian-based helium exploration and development company owning 3 million acres of helium permits in Saskatchewan, closed its upsized and oversubscribed non-brokered private placement financing of subscription receipts for gross proceeds of C$12.3 million. Helium Evolution has issued 40,998,636 Subscription Receipts at a price of $0.30 per subscription receipt, with each Subscription Receipt automatically converting into one common share. The Company plans to direct the proceeds of the Offering towards its exploration program. Following the closing of the Offering, Duckhorn intends to change its name to Helium Evolution Incorporated and proceed with filing a non-offering prospectus and to apply to list on a Canadian stock exchange.
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