02:03 PM EDT, 09/09/2024 (MT Newswires) -- Royal Helium ( RHCCF ) on Monday said it launched a strategic repositioning process.

A recently formed Technical Committee comprised of newly appointed chairman Martin Wood, industry expert Brent Ziegler, and board member Karl Kurz, will focus on the completion and operational success of the Steveville project.

Eight Capital has been appointed as financial advisor to assist with the repositioning process and to help lead value maximizing outcomes for stakeholders, the statement said.

Two board members have also departed; chairman John Pringle, and Sylvain Laberge. Martin Wood is the new chair. He has over 30 years' experience in the resource industry as a financier and operator, having served as chief executive for a listed resource development company and more recently in the roles of chair and deputy chair for some resource focused public companies.

Royal Helium ( RHCCF ) also expects to reduce employee-related general and administrative expenses by more than 40% after "overhauling" staff numbers.

The company confirms that it is continuing to make deliveries of purified helium trailers from its Steveville facility under an offtake agreement with a global helium consumer.

Royal Helium ( RHCCF ) was last seen up $0.005 to $0.045 on the TSX Venture Exchange.