On April 4, 2024, First Helium Inc. closed the transaction. The company announced that it has issued 66,173,000 units at an issue price of CAD 0.05 per unit for the gross proceeds of CAD 3,308,650. Each Unit consists of one common share and one common share purchase warrant.

. Each Warrant is exercisable to acquire one Share at a price of CAD 0.075 per Share for a period of 36 months, expiring April 4, 2027. The Warrants will not be subject to acceleration.

The Offering is subject to receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange. All securities issued under the Offering will be subject to a statutory hold period of four months, in accordance with applicable Canadian securities laws. Finders?

fees of CAD 25,249 and 504,980 Warrants were issued to various finders under the Offering. The finders? warrants have the same terms and conditions as the Warrants issued to the subscribers under the Offering.

Certain directors and officers of the Company participated in the Offering and purchased a total of 26,288,000 Units. Robert Scott acquired 23,238,000 units at a price of CAD 0.05 per Unit, for a total subscription price of CAD 1,161,900. The warrants exercisable to acquire one additional Share at a price of CAD 0.075 for a period of 36 months expiring April 4, 2027.

Immediately prior to the Private Placement, Scott beneficially owned, or had control and direction over, 816,530 Shares, and 1,500,000 warrants and 900,000 options exercisable for 2,400,000 Shares, representing approximately 0.937% of the outstanding Shares on an undiluted basis and 3.56% of the outstanding Shares on a partially-diluted basis, after the Private Placement, Mr. Scott beneficially owns, or has control and direction over, 24,054,530 Shares, and 24,738,000 warrants and 900,000 options exercisable for 25,638,000 Shares, representing approximately 15.7% of the outstanding Shares on an undiluted basis and 27.78% of the outstanding Shares on a partially-diluted basis.