Onfolio Holdings, Inc. (NASDAQ: ONFO, ONFOW) an owner-operator of online businesses, announced it has signed a binding Letter of Intent with Paramount Helium LLC for a strategic combination aimed at entering the industrial gas market.

As part of the transaction, Paramount Helium has agreed to terms with the secured creditors of Proton Green, LLC to acquire a senior debt position secured by Proton Green's helium and carbon dioxide assets in North America. The assets are located within the St. Johns Unit in northeastern Arizona.

The resource is estimated to hold recoverable volumes of more than 20 billion cubic feet of helium. Independent analysis has also identified the St. Johns Dome as containing what it describes as the largest identified terrestrial resource of Helium-3 (3He), a rare isotope with applications in quantum computing, neutron detection, and nuclear fusion research. The assessment estimates more than 50 kg of 3He in the core development area, with an expected sales value of $10 million to $20 million per kilogram.

Dominic Wells, Chief Executive Officer of Onfolio, said the company's public listing on Nasdaq and access to capital offer a platform to pursue the opportunity. Steven Looper, Chief Executive Officer of Paramount Helium, stated the combined entity intends to develop "a revenue-generating, cash-flow-positive business in the industrial gas industry."

According to the press release, recent disruptions to helium production in Qatar, which accounts for approximately one-third of global supply, have drawn attention to supply chain concentration risks. Helium is not currently included on the U.S. Geological Survey's official critical minerals list.

The transaction remains subject to the completion of the LOI terms. No closing date was disclosed.