WILMINGTON, DE — Onfolio Holdings Inc. (Nasdaq: ONFO, ONFOW; OTC: ONFOP) has signed a binding letter of intent to combine with Paramount Helium LLC, a transaction that would shift the company from operating online businesses into the industrial gas sector through the potential development of helium assets in Arizona.
The proposed transaction contemplates Paramount acquiring the senior debt position secured by Proton Green LLC’s helium and carbon dioxide assets in North America under an agreement with Proton Green’s secured creditors, the company announced.
The assets are located within the St. Johns Unit in northeastern Arizona. According to Onfolio, the resource contains an estimated 20 billion cubic feet of recoverable helium, which the company said would rank among the largest helium resources in North America if successfully developed.
The company said the transaction would also provide access to carbon dioxide resources that could support commercial production for industrial and food and beverage markets.
In addition, Onfolio said independent analysis identified more than 50 kilograms of helium-3 within the core development area. The rare isotope is used in applications including quantum computing, neutron detection and certain nuclear fusion technologies.
Chief Executive Officer Dominic Wells said the proposed combination would provide Onfolio with a platform to pursue development of the Arizona assets.
Paramount Chief Executive Officer Steven Looper said the company intends to focus on commercializing the helium and carbon dioxide resources and developing a revenue-generating industrial gas business.
Looper said the project’s location could position it to supply helium to semiconductor manufacturers in the Phoenix area, aerospace companies in the western United States and other industrial gas consumers.
The transaction remains subject to completion of the proposed strategic combination and the acquisition of the secured debt position associated with the Arizona assets, as outlined in the letter of intent.
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