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Royal Helium Expands Bank Line by C$3.6mm; Appointment of New President David Young

Royal Helium secured an additional C$3.6mm in debt facilities from senior lenders, the Business Development Bank of Canada and Canadian Western Bank. The funds will be utilised for final costs associated with the Steveville facility, with the principal repayment start date extended to Feb'24. The Steveville plant, designed to process 15mmcf/d of raw gas from two helium wells in Alberta, is now operational and delivering purified helium to end-markets. The plant has an engineered life of 25 years, and both wells are expected to remain active for at least 9 years, also producing commercial CO2 and fuel gas for the plant. Separately, Royal Helium appointed Mr. David Young as the new President of the company. Mr. Young was previously serving in the capacity of Executive Vice President and Head of US Operations. He brings more than two decades of experience managing investments, operating businesses, and serving on boards in the resource and infrastructure space.

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