Global Helium Corp. Announces Private Placement of Up to $4,000,000, Appointment of Reconstituted Board, and Operations Update

• Financing to raise $4 million with proceeds to be directed to drill two helium wells before year end 2023 under the Manyberries Farm-in and Option Agreements
• Permitting is complete and first well license is in hand for drilling at Manyberries in Southeast Alberta
• Two new independent directors appointed, four current directors step down and current President, Jesse Griffith, assumes role of CEO, President and Director
• Reconstituted Board brings new perspectives, experience and expertise to further advance Global Helium’s strategy to develop commercial helium production and drive value creation for all stakeholders

CALGARY, Alberta, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Global Helium Corp. ("HECO" or the "Company") (CSE: HECO, OTC: HECOF) is pleased to announce a series of corporate and operational developments, including: a non-brokered private placement of up to 16,000,000 series A preferred shares at a price of $0.25 per share, for total proceeds of $4 million (the “Offering”), the appointment of a reconstituted Board of Directors (the “Board”) following the resignation of four current directors; changes to the executive management team; and an operational update with HECO’s outlook for the balance of 2023.

“Global Helium is setting up for success and value creation with a fresh capital injection, the advancement of our Manyberries project, and changes to leadership.   I am looking forward to working with the new Board to continue building on the Company’s next chapter and delivering on the plan of drilling and developing our helium prospects, starting with our Manyberries project in Southeast Alberta. Drilling our initial wells and confirming commercial helium reserves will be a giant step for the Company towards long term stability and value creation.” - Jesse Griffith, President & CEO

FINANCING DETAILS

Under the Offering, HECO intends to issue 16 million convertible series A preferred shares (each, a “Preferred Share”) at a price of $0.25 per Preferred Share for gross proceeds of up to $4 million. The Company shall pay interest on the principal amount of each outstanding Preferred Share in the amount of 10% per annum starting from the date of issuance until the earlier of the date of conversion or the fifth anniversary of the date of issuance (the “Maturity Date”). Each Preferred Share is convertible into units of the Company (“Units”) or common shares in the capital of the Company (“Common Shares”) subject to the date of conversion. The Preferred Shares are convertible: (a) by the Company at its option on the second, third or fourth anniversary of the date of issuance (“Accelerated Conversion”); (b) by the holder of the Preferred Share at its option at any time from the date of issuance up to the Maturity Date (“Optional Conversion”); or (c) automatically on the Maturity Date (“Maturity Conversion”).