Helium Evolution Announces Conversion of $8.3 Million Convertible Note Into Common Shares

Executive Summary

• Helium Evolution Inc. converted an $8.3 M convertible note (plus $0.1 M accrued interest) into 40,039,243 common shares at $0.210 per share following the achievement of its first helium load delivery from the Soda Lake Facility.
• The conversion gives ENEOS Xplora USA Limited approximately a 42% ownership stake on a fully‑diluted basis.
• The transaction completes the automatic conversion provision disclosed on August 26, 2025 and reflects progress toward commercial helium production.

Key Details

• Convertible Note: Face value $8.3 M; accrued interest $0.1 M.
• Conversion Price: $0.210 per common share.
• Shares Issued: 40,039,243 common shares issued to ENEOS Xplora USA Limited.
• Ownership Impact: Post‑conversion, ENEOS USA holds ~42% of HEVI’s issued and outstanding common shares on a fully diluted basis.
• Milestone Trigger: First load of helium delivered from the Soda Lake Facility (announced Oct 16, 2025).
• Previous Announcement: Automatic conversion provisions originally disclosed in an Aug 26, 2025 press release.

Notable Quotes

(No direct quotes were provided in the release.)