SASKATOON, SK, July 26,
2022 /CNW/ - Royal Helium Ltd. (TSXV: RHC)
("Royal") is pleased to announce that the Climax/Nazare
project has received approval from the Minister of Energy and
Resources of the Government of Saskatchewan and the Saskatchewan Petroleum
Innovation Incentive ("SPII") program. Under the terms of the
approval, Royal can receive up to $4,227,185 in Royalty Tax Credits based on
eligible project costs incurred to date at Nazare.
Additional Royalty Tax Credits will be applied for on an ongoing
basis for eligible costs associated with expenditures such as the
upcoming horizontal wells drilled into Nazare, construction of
processing facilities, and all other applicable programs into the
future.
Royal anticipates receiving the first credits during the current
quarter, with the remainder to come as the project continues to
advance. The royalty tax credits are readily transferable and
salable within the province. Any transfers and/or sales will be
reported in Royal's quarterly financial statements.
Andrew Davidson, President, and
CEO comments, "We are extremely pleased with the agility the
Saskatchewan government has shown
in quickly implementing their new Helium Action Plan and how
quickly they have been able to process and approve our first
submission. An obvious benefit to Royal now and going
forward, this program provides Saskatchewan operators with a significant cost
advantage over most jurisdictions in North America. All
proceeds received or royalties saved by Royal as a result of this
program will be re-invested into the continued expansion of our
helium production plans in Saskatchewan".
Royal Helium Ltd.
Royal controls over 1,000,000 acres of prospective helium land
in southern Saskatchewan and
southeastern Alberta. All of
Royals' lands are in close vicinity to highways, roads, cities and
importantly, close to existing oil and gas infrastructure, with a
significant portion of its land in close proximity to existing
helium producing locations. With stable, rising prices and limited,
non-renewable sources for helium worldwide, Royal intends to become
a leading North American producer of this high value commodity.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This release includes certain statements that may be deemed
to be "forward-looking statements". All statements in this release,
other than statements of historical facts, that address events or
developments that management of the Company expects, are
forward-looking statements. Although management believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance, and actual results or developments may differ
materially from those in the forward-looking statements. The
Company undertakes no obligation to update these forward-looking
statements if management's beliefs, estimates or opinions, or other
factors, should change. Factors that could cause actual results to
differ materially from those in forward-looking statements, include
market prices, exploration and development successes, continued
availability of capital and financing, and general economic, market
or business conditions. Please see the public filings of the
Company at www.sedar.com for further information.
SOURCE Royal Helium Ltd.