First Helium Inc. announced a non-brokered private placement to issue up to 25,000,000 units at a price of CAD 0.10 unit for the gross proceeds of CAD 2,500,000 on October 12, 2023. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at a price of CAD 0.20 per share.

The company may pay finders fees in cash and/or Warrants. If the finder's fee is paid in cash the fee will be equal to 7% of the proceeds placed by the applicable finder, finder's fees paid in Warrants will be equal to 7% of the units placed by the applicable finder. The closing of the private placement is expected to occur on or about November 15, 2023 and is subject to the receipt of all necessary regulatory approvals, including the approval of the Exchange.

All securities issued pursuant to the private placement will be subject to a four-month hold period in accordance with applicable Canadian securities laws.