Pulsar Helium Announces Brokered Private Placement
Pulsar Helium Inc. (PSRHF) has announced a brokered private placement of up to 19,736,842 common shares at US$0.38 per share, aiming to raise up to US$7.5 million. University Bank will act as the exclusive placement agent, receiving a 6% fee on U.S. sales.
Additionally, University Bancorp will provide a US$4.0 million line of credit to major shareholder ABCrescent Coöperatief U.A. for potential warrant exercise. The proceeds will fund the Topaz project in Minnesota, including a step-out well drilling program.
The company also provided an operational update on the Jetstream #1 appraisal well deepening, set to commence around January 3, 2025. The previous drilling identified helium concentrations up to 14.5% and CO2 concentrations exceeding 70%.
Pulsar Helium Inc. (PSRHF) ha annunciato un collocamento privato con l'intermediazione di un broker per un massimo di 19.736.842 azioni ordinarie al prezzo di US$0,38 per azione, con l'obiettivo di raccogliere fino a US$7,5 milioni. University Bank agirà come agente di collocamento esclusivo, ricevendo una commissione del 6% sulle vendite negli Stati Uniti.
Inoltre, University Bancorp fornirà una linea di credito di US$4,0 milioni al principale azionista ABCrescent Coöperatief U.A. per un possibile esercizio di warrant. I proventi finanzieranno il progetto Topaz in Minnesota, inclusi un programma di perforazione di pozzi step-out.
L'azienda ha anche fornito un aggiornamento operativo sulla profondità del pozzo di valutazione Jetstream #1, che dovrebbe iniziare intorno al 3 gennaio 2025. Le perforazioni precedenti hanno identificato concentrazioni di elio fino al 14,5% e concentrazioni di CO2 superiori al 70%.
Pulsar Helium Inc. (PSRHF) ha anunciado una colocación privada mediada de hasta 19,736,842 acciones comunes a US$0.38 por acción, con el objetivo de recaudar hasta US$7.5 millones. University Bank actuará como el agente exclusivo de colocación, recibiendo una comisión del 6% sobre las ventas en EE.UU.
Además, University Bancorp proporcionará una línea de crédito de US$4.0 millones al principal accionista ABCrescent Coöperatief U.A. para el posible ejercicio de warrants. Los ingresos financiarán el proyecto Topaz en Minnesota, incluyendo un programa de perforación de pozos step-out.
La empresa también ofreció una actualización operativa sobre la profundización del pozo de evaluación Jetstream #1, que se iniciará alrededor del 3 de enero de 2025. Las perforaciones anteriores identificaron concentraciones de helio de hasta 14.5% y concentraciones de CO2 que superan el 70%.
Pulsar Helium Inc. (PSRHF)는 주당 US$0.38의 가격으로 최대 19,736,842주의 보통주를 공모하여 최대 US$7.5백만을 모금할 계획이라고 발표했습니다. University Bank는 독점적인 배치 에이전트로 활동하며, 미국 판매에 대한 6% 수수료를 받습니다.
또한, University Bancorp는 주요 주주인 ABCrescent Coöperatief U.A.에 대해 가능한 워런트 행사를 위한 US$4.0백만의 신용 한도를 제공할 예정입니다. 이 자금은 미네소타의 Topaz 프로젝트를 자금 조달하며, 스텝 아웃 우물 드릴링 프로그램을 포함합니다.
회사는 2025년 1월 3일경 시작될 Jetstream #1 평가 우물 심화 작업에 대한 운영 업데이트도 제공했습니다. 이전 드릴링에서는 최대 14.5%의 헬륨 농도와 70%를 초과하는 CO2 농도가 확인되었습니다.
Pulsar Helium Inc. (PSRHF) a annoncé un placement privé par l'entremise d'un courtier d'un maximum de 19 736 842 actions ordinaires au prix de 0,38 USD par action, visant à lever jusqu'à 7,5 millions USD. University Bank agira en tant qu'agent de placement exclusif, percevant une commission de 6 % sur les ventes aux États-Unis.
De plus, University Bancorp fournira une ligne de crédit de 4 millions USD à l'actionnaire principal ABCrescent Coöperatief U.A. pour un exercice potentiel de bons de souscription. Les produits financeront le projet Topaz au Minnesota, y compris un programme de forage de puits d'expansion.
L'entreprise a également fourni une mise à jour opérationnelle sur l'approfondissement du puits d'évaluation Jetstream #1, prévu pour débuter aux alentours du 3 janvier 2025. Les forages précédents ont identifié des concentrations d'hélium allant jusqu'à 14,5% et des concentrations de CO2 dépassant 70 %.
Pulsar Helium Inc. (PSRHF) hat eine vermittelte Privatplatzierung von bis zu 19.736.842 Stammaktien zu einem Preis von 0,38 US-Dollar pro Aktie angekündigt, um bis zu 7,5 Millionen US-Dollar zu sammeln. University Bank wird als exklusiver Platzierungsagent fungieren und erhält eine Gebühr von 6% auf US-Verkäufe.
Darüber hinaus wird University Bancorp eine Kreditlinie in Höhe von 4,0 Millionen US-Dollar an den Hauptaktionär ABCrescent Coöperatief U.A. für die mögliche Ausübung von Warrants bereitstellen. Die Erlöse werden das Topaz-Projekt in Minnesota finanzieren, einschließlich eines Bohrprogramms für Step-Out-Wässer.
Das Unternehmen gab auch ein betriebswirtschaftliches Update zum Vertiefen des Jetstream #1 Bewertungsbohrlochs bekannt, das voraussichtlich um den 3. Januar 2025 beginnen wird. Bei den vorherigen Bohrungen wurden Heliumkonzentrationen von bis zu 14,5% und CO2-Konzentrationen von über 70% identifiziert.
- Secured potential funding of up to US$7.5 million through private placement
- Additional US$4.0 million line of credit available for warrant exercise
- Previous drilling showed exceptional helium concentrations of 14.5% (well above 0.3% economic threshold)
- High CO2 concentrations (>70%) expected to contribute to project economics
- 6% placement agent fee reduces net proceeds from the offering
- New shares issuance will cause dilution to existing shareholders
- Securities subject to four-month hold period
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR TO BE TRANSMITTED, DISTRIBUTED TO, OR SENT BY, ANY NATIONAL OR RESIDENT OR CITIZEN OF ANY SUCH COUNTRIES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION MAY CONTRAVENE LOCAL SECURITIES LAWS OR REGULATIONS.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO. 596/2014 ON MARKET ABUSE ("UK MAR"), AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AND REGULATION (EU) NO. 596/2014 ON MARKET ABUSE ("EU MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
CASCAIS, PORTUGAL / ACCESSWIRE / December 30, 2024 / Pulsar Helium Inc. (AIM:PLSR)(TSXV:PLSR)(OTCQB:PSRHF) ("Pulsar" or the "Company"), a leading helium project development company, is pleased to announce that it is arranging a brokered private placement of up to 19,736,842 common shares of the Company (the "Offered Shares" and each common share of the Company, a "Common Share") to select US based investors at a price of US
Pulsar has appointed University Bank , a Michigan banking corporation, to act as the Company's exclusive placement agent (the "Placement Agent") for the Private Placement pursuant to a placement agent agreement. The Placement Agent will be paid a cash fee in an amount equal to six percent (
Contingent on closing the Private Placement, University Bancorp., Inc. a financial holding company that owns
The net proceeds of the Private Placement shall further strengthen the Company's working capital position, and the Company will primarily use such funds to accelerate the Company's strategic plan for the exploration and development at Pulsar's Topaz project in Minnesota and to reach a final investment decision (FID) for the construction of a combined helium and CO2 production facility. This including the drilling of a step-out well as set out below.
Thomas Abraham-James, President & CEO of Pulsar, commented on the Private Placement:
"My colleagues and I are delighted to have such strong indications of support from US based institutional investors. They too share our vision for Pulsar to become a significant player in the US domestic helium market, a commodity that is critical to so many US industries. The private placement, assuming its completion in full, will provide certainty for the Company to be fully funded for its upcoming work programs and the line of credit for the exercise of our major shareholder's warrants provides further potential funding sources. Our objective is now to reach final investment decision on the construction of Minnesota's first ever helium production facility at Pulsar's Topaz project."
The Private Placement is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The securities being issued pursuant to the Private Placement will be subject to a four month hold period in accordance with applicable Canadian securities law.
Operational Update
Drilling for the deepening of the Jetstream #1 appraisal well is set to commence later this week at its flagship Topaz Project in Minnesota ("Topaz" or the "Project"). The drill rig, ancillary equipment and personnel are on site, the drill crew having returned today after an agreed Christmas break (at no cost to the Company). As part of this crucial phase, Pulsar plans to deepen the Jetstream #1 appraisal well by a minimum of 1,640 feet (500 metres).
Highlights
Site Preparation: The Jetstream #1 drill pad is fully prepared and permitted for the upcoming drilling operations.
Equipment and Personnel: The drill rig and ancillary equipment are on-site, with the drill crew arriving today following the Christmas holiday break.
Drilling Timeline: Drilling is now set to commence on or around January 3, 2025, and take approximately one week to reach total depth.
Strategic Significance
The Jetstream #1 appraisal well previously reached total depth (TD) of 2,200 feet (671 metres) on the 27th of February 2024, identifying top-tier helium concentrations of up to
About the Topaz Project
The Topaz project is located in northern Minnesota, USA where Pulsar is the first mover and holds exclusive leases. The Jetstream #1 appraisal well previously reached total depth (TD) of 2,200 feet (671 metres) on the 27th of February 2024, identifying top-tier helium concentrations of up to
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
On behalf Pulsar Helium Inc.
"Thomas Abraham-James"
President, CEO and Director
Further Information:
Pulsar Helium Inc.
connect@pulsarhelium.com
+ 1 (218) 203-5301
+44 (0) 2033 55 9889
Strand Hanson Limited
(Nominated & Financial Adviser, and Joint Broker)
Ritchie Balmer / Rob Patrick / Richard Johnson
+44 (0) 207 409 3494
BlytheRay Ltd
(Financial PR)
Megan Ray / Said Izagaren
+44 207 138 3204
pulsarhelium@blytheray.com
About Pulsar Helium Inc.
Pulsar Helium Inc. is a publicly traded company listed on the AIM market of the London Stock Exchange and the TSX Venture Exchange with the ticker PLSR, as well as on the OTCQB with the ticker PSRHF. Pulsar's portfolio consists of its flagship Topaz helium project in Minnesota, USA, and the Tunu helium project in Greenland. Pulsar is the first mover in both locations with primary helium occurrences not associated with the production of hydrocarbons identified at each.
For further information visit:
Website https://pulsarhelium.com
LinkedIn https://ca.linkedin.com/company/pulsar-helium-inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release and the interview contains forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements. Forward-looking statements herein include, but are not limited to, statements relating to the completion of the Private Placement, the potential impact of deepening Jetstream #1 and the potential impact of such deepening on the next iteration of the resource estimate; the results of drilling, results of an updated independent resource estimate for helium and CO2 at Topaz; the potential of CO2 as a valuable by-product of the Company's future helium production; the estimated Geological Chance of Success for Prospective Resources and the Chance of Commerciality of Topaz; the potential impact of deepening Jetstream #1 and the potential impact of such deepening on the next iteration of the resource estimate; the expected timing to commence drilling; and the potential for future wells. Forward-looking statements may involve estimates and are based upon assumptions made by management of the Company, including, but not limited to, the Company's capital cost estimates, management's expectations regarding the availability of capital to fund the Company's future capital and operating requirements and the ability to obtain all requisite regulatory approvals.
No reserves have been assigned in connection with the Company's property interests to date, given their early stage of development. The future value of the Company is therefore dependent on the success or otherwise of its activities, which are principally directed toward the future exploration, appraisal and development of its assets, and potential acquisition of property interests in the future. Un-risked Contingent and Prospective Helium Volumes have been defined at the Topaz Project. However, estimating helium volumes is subject to significant uncertainties associated with technical data and the interpretation of that data, future commodity prices, and development and operating costs. There can be no guarantee that the Company will successfully convert its helium volume to reserves and produce that estimated volume. Estimates may alter significantly or become more uncertain when new information becomes available due to for example, additional drilling or production tests over the life of field. As estimates change, development and production plans may also vary. Downward revision of helium volume estimates may adversely affect the Company's operational or financial performance.
Helium volume estimates are expressions of judgement based on knowledge, experience and industry practice. These estimates are imprecise and depend to some extent on interpretations, which may ultimately prove to be inaccurate and require adjustment or, even if valid when originally calculated, may alter significantly when new information or techniques become available. As further information becomes available through additional drilling and analysis the estimates are likely to change. Any adjustments to volume could affect the Company's exploration and development plans which may, in turn, affect the Company's performance. The process of estimating helium resources is complex and requires significant decisions and assumptions to be made in evaluating the reliability of available geological, geophysical, engineering, and economic date for each property. Different engineers may make different estimates of resources, cash flows, or other variables based on the same available data.
Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward- looking statements. Such risks and uncertainties include, but are not limited to, that Pulsar may be unsuccessful in drilling commercially productive wells; the uncertainty of resource estimation; operational risks in conducting exploration, including that drill costs may be higher than estimates and the potential for delays in the commencement of drilling; commodity prices; health, safety and environmental factors; and other factors set forth above as well as under "Cautionary Note Regarding Forward Looking Statements and Market and Industry Data" and "Risk Factors" in the AIM Admission Document published on October 14, 2024, found on the Company's web site at https://pulsarhelium.com/investors/aim-rule-26/default.aspx.
Forward-looking statements contained in this news release are as of the date of this news release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. No assurance can be given that the forward-looking statements herein will prove to be correct and, accordingly, investors should not place undue reliance on forward-looking statements. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
SOURCE: Pulsar Helium Inc.
View the original press release on accesswire.com
FAQ
What is the price per share for Pulsar Helium's (PSRHF) private placement in December 2024?
How much funding is Pulsar Helium (PSRHF) raising through its private placement?
What were the helium concentration results from Pulsar's (PSRHF) Jetstream #1 well?
When will Pulsar Helium (PSRHF) begin deepening the Jetstream #1 well?
What is the size of the credit line provided to ABCrescent for PSRHF warrant exercise?
