Core Viewpoint - Helium Evolution Incorporated has successfully closed an $8.3 million convertible note to fund its helium processing facility and upcoming drilling activities, marking a significant step towards becoming a helium producer [1][2][7]. Financial Summary - For Q2 2025, the company reported a net loss of CAD 196,000 compared to CAD 254,000 in Q2 2024, and a total net loss of CAD 871,000 for the first half of 2025, up from CAD 493,000 in the same period last year [4]. - Cash reserves decreased to CAD 1.32 million from CAD 4.77 million year-over-year, while working capital also fell to CAD 1.10 million from CAD 4.71 million [4]. - Total assets increased to CAD 14.09 million from CAD 10.86 million, while total liabilities rose to CAD 666,000 from CAD 374,000 [4]. Operational Developments - The proceeds from the convertible note will support a 20% working interest in the Soda Lake Facility, which has a processing capacity of 12 million standard cubic feet per day [2]. - The Soda Lake Facility is expected to be operational in Q4 2025, with the first helium sales anticipated later this year [5][7]. - A winter drilling campaign is planned to commence in Q4 2025 and continue into Q1 2026, focusing on new wells and related development activities in the Mankota area [2][5]. Company Overview - Helium Evolution is a Canadian helium exploration company with the largest helium land rights position among publicly traded companies in North America, holding over five million acres of land in southern Saskatchewan [8]. - The company aims to become a leading supplier of sustainably-produced helium to meet the growing global demand [8].
Helium Evolution Closes $8.3 Million Convertible Note and Announces Q2-2025 Results
Globenewswireยท2025-08-29 21:00