canthelpit
4 days ago
RHCCF
Royal Helium going into court-monitored sales process
BY COLLIN GALLANT ON FEBRUARY 20, 2025
The matter of Royal Helium is back in Alberta and headed toward a court-monitored sales process to clear up debts and potentially continue operations of the niche exploration company with holdings in southeast Alberta and southern Saskatchewan.
The Court of King’s Bench hearing in Edmonton on Wednesday approved a transfer of the file from Superior Court of Ontario and into a court-creditors protection process.
That could lead to a sales process of the company’s assets in whole or in part by early May, court heard.
“It provides the flexibility to begin a sales and solicitation process that could likely result in cross-border transaction,” said lawyer Gabrielle Schacher. “The applicants are confident that it will result in a value-maximizing transaction that benefits all stakeholder parties involved.”
Justice Douglas R. Mah approved the application that puts national business advisory firm Alvarez and Marshall in charge of the file. It also consolidates Ontario files regarding Royals’ two subsidiaries and begins a sales process that would tentatively see binding offers submitted by April 18 and potentially approved in court by May 9.
The company applied for protection under the Bankruptcy and Insolvency act in Toronto in January, claiming a liquidity crisis and failure to commission the Steveville processing plant north of Brooks over the course of a year.
Canada Western Bank and the Business Development Bank of Canada are each owed more than $8 million as secured creditors.
Now, they will take over interim financing of the company during the reorganization from initial lender, Energy & Specialty Gases, LLC, and expand the facility to $2.5 million during the sales process.
That Texas-based firm was mentioned as a potential stalking horse bid candidate during proceedings in Ontario court.
Alberta court heard Wednesday that commissioning of the Steveville production facility failed after former managers chose to part ways with the engineering firm that designed it, instead bringing the work in-house.
New management took over Royal in the fall, and major lenders are generally satisfied in their efforts.
“They (debtors and company) have worked very hard in a short amount of time and accomplished quite a bit, in my estimation,” stated David LeGeyt, a lawyer with Burnet, Duckworth & Palmer LLP, counsel to the new monitor Alvarez and Marshall.
Court heard that a sales process could open immediately with a solicitation of interest for the company, which holds exploration rights to more than one million acres of land in Saskatchewan, near Dinosaur Provincial Park in Alberta and the County of Forty Mile.
Binding offers would be accepted on April 19, a potential auction could be held April 23 toward court approval of a sale in early May and potential closing date of May 9.
canthelpit
2 weeks ago
To bad this company had alot of potential and managment made a bad decision in trying to bring an unprover processing plant online by themselves ,,,, 2.7 mil and the manufacture would have brought it up to name plate ,,, 50k shares are rpetty much worthless here............................
Chipaway
1 month ago
From everything I've read online, with the courts allowing the current management to continue through this process, there's a chance that we could come out of bankruptcy in a better position or at the least be a great candidate for a buyout. At this point, I'll settle for breaking even. Like you said, there was (and still may be?) a lot of potential. Unfortunately, it's going to be a long drawn out legal process and in the mean time our funds are locked up.
canthelpit
1 month ago
RHCCF they have the land ,, 1 million acres with the rights to and they have the helium ,,, they decided on a plant that was unproven and alot of bad managment decisions along with most likely greed ,, theese are just my opinions ,, followed them since before they bought out IMPERIAL ,,,They had so much potential and blew it !!! again just my opinions but if a buyout the incoming have the leg work done for them,, they just need the right plant to get the helium out of the ground,, they even had an off take for all they could produce set up
canthelpit
1 month ago
RHCCF trading halted in CANADA today ,, probably the same on otc tomorrow,,, thoes .013s are not feeling so good now ,,,, there goes 100k shares
Chipaway
1 month ago
Royal Helium Files For Creditor Protection. (What a bunch of crap!)
Keep it and hope for a buyout or... bail before its de-listed and try to minimize any more loss? Tough questions indeed!!!
MT NEWSWIRES
Jan-20-2025 2:12 p.m. ET
02:12 PM EST, 01/20/2025 (MT Newswires) -- Royal Helium (RHCCF) on Monday said the company and its units, Royal Helium Exploration and Imperial Helium, filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (BIA).
The company said following a review, careful consideration of all available alternatives, and consultation with counsel, the board has determined that it is in the best interests of Royal Helium (RHCCF) and its stakeholders to file for protection under the BIA.
The filing under the BIA includes a stay of proceedings in favor of the company, and the appointment of Doane Grant Thornton as the proposal trustee of the company. The board will remain in place and management will remain responsible for the day-to-day operations of Royal Helium (RHCCF), under the general oversight of the proposal trustee.
The company expects the TSX Venture Exchange to place it under a delisting review and added that there can be no assurance as to the outcome of such review or the continued qualification for listing on the TSXV.
The company also added that its vice president of geology, Shayne Neigum, who had also been acting in the capacity of chief operating officer, resigned from the company to pursue other opportunities.
Shares of RHC were last seen flat at $0.020 on the Venture Exchange.
MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.
canthelpit
2 months ago
saw something about #s and news being updated soon ,,, would like to know where the stock stands myself,,,still adding a few every week ,, a buyout would be fine as well just have to start all over thats all ,,, ,, boat loaded here as well ,, float or sink at this point
canthelpit
2 months ago
RHCCF yes all eggs in the basket for new managment for sure ,,, they have been silent hoping next pr will be the one we have been waiting on for sure ,,, another play in helium I am in for 10k were $1.37 on enter and down to .06 ,,, do the math and the market cap on that one is just shy of ROYAL'S,,,can't win here.
Chipaway
3 months ago
New 52 Wk. Low at .019 making this a 6.8 Market Cap
There's under valued, there's laughably under valued and then there's laughably unbelievably under valued. There are are Pink Sheet Tickers with absolutely nothing going for them that are valued higher than this, a REAL company, with Real assets and REAL Income, producing a critical resource material with MANY REAL critical applications. I'm continuing to buy as much as I can. In an absolutely worst case scenario, I'm thinking is worth more as a buyout candidate now and in a best case scenario, this will be going to the moon on one of the many spaceships that Helium is used on.
canthelpit
3 months ago
RHCCF CHIP,,, my beleif panicked sellers ,, we know they have the product but past managment couldn't figure out the plant imo,,Many sellers bailed on another site for royal and were looking for instant gratification ,, There has not been alot of news latley and it makes you wonder ? Still holding tight here and adding more as we go ,, next week plan on adding another 20k shares ,, I planned on a long term here and am willing to hold out . On another note i have another play in the same sector that went from 1.37 down to about .09 that has been a big dissapointment and looked promising AND NOT ADDING DOWN ON THAT ONE !!
canthelpit
6 months ago
rhccf not sure chip but loaded another 10k shares in tje last week and will load another 10k next week ,,, something has to give ,, 3s ? They are either going to produce or be bought out ? I will gamble on they produce and at this price ive brought my average down from the imperial buyout to below .07 so just a waiting game here,, all or nothing GL