THIS ANNOUNCEMENT AND THE INFORMATION PRESENTED HERE IS CONFIDENTIAL AND IS NOT INTENDED FOR RELEASE, PUBLICATION, OR DISTRIBUTION, EITHER IN PART OR IN FULL, DIRECTLY OR INDIRECTLY, INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN, OR THE REPUBLIC OF SOUTH AFRICA, NOR TO ANY NATIONAL, RESIDENT, OR CITIZEN OF THOSE COUNTRIES OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION, OR DISTRIBUTION MIGHT VIOLATE LOCAL SECURITIES LAWS OR REGULATIONS.
CASCAIS, PORTUGAL / ACCESS Newswire / March 24, 2025 / Pulsar Helium Inc. (AIM:PLSR)(TSXV:PLSR)(OTCQB:PSRHF) (“Pulsar” or the “Company“), a prominent developer of helium projects, is delighted to announce that University Bancorp, Inc. has executed a term sheet to provide a US$4 million Project Finance facility to Pulsar’s wholly owned Minnesota subsidiary, Keewaydin Resources, Inc. (“Keewaydin“), in the form of a line of credit (the “Facility“). This Facility will be backed by a guarantee from Pulsar and secured by a pledge of all shares of Keewaydin alongside a first lien on all assets of Keewaydin. The Facility matures on March 31, 2026, carrying an interest rate of 12% per annum on amounts drawn. A utilization fee of 2% will apply on the remaining balance of any drawn amounts, but such fees will be reimbursable by Keewaydin at the time of maturity. Keewaydin plans to utilize funds from the Facility as required for operational activities related to Pulsar’s Topaz helium project (“Topaz“) in the immediate future.
The Facility is contingent upon the signing of final documentation and certain conditions, including but not limited to, obtaining all necessary regulatory approvals, including the approval of the TSX Venture Exchange, if required.
With favorable drilling outcomes reported so far at Topaz and the impending flow testing of the two Jetstream wells, the Company has reassessed its immediate need for raising additional equity capital. Contractors have confirmed their readiness to mobilize to Topaz and initiate flow testing for the Jetstream #1 and #2 wells on or around March 29, 2025. Each well will be flowed for approximately two weeks. Concurrently, clean gas samples will also be gathered from both wells and sent for lab analysis.
Additionally, on March 21, 2025, the Company completed the second and final tranche (the “Final Tranche“) of the brokered private placement (the “Private Placement“), which was previously announced on December 30, 2024, January 10, 2025, and February 19, 2025, through the issuance of 1,124,994 new common shares (“Common Shares“) (the “Offered Shares“) at a price of US$0.38 per Offered Share (equivalent to approximately C$0.55 / GBP0.30), resulting in gross proceeds of US$427,498. Together with the first tranche, the Company has raised a total of US$2,427,498 in gross proceeds and issued a total of 6,388,154 new Common Shares in relation to the Private Placement.
In connection with the Final Tranche, the Company has paid a cash fee of US$25,650 to its Co-Placing Agent, University Bank.
The Offered Shares issued in connection with the Final Tranche are subject to a hold period of four months and one day.
Thomas Abraham-James, President & CEO of Pulsar Helium, remarked:
“We are pleased with the Project Finance arrangement for our Topaz helium project in Minnesota. This provides essential working capital to continue advancing the project without further diluting our shareholders. The initial drilling results at Topaz are promising, and the upcoming flow tests on the Jetstream wells represent a significant step forward toward achieving helium production.“
Admission to AIM and Total Voting Rights
A submission is in process with the London Stock Exchange plc for the admission of the 1,124,994 Offered Shares from the Final Tranche to be listed on AIM, expected to take effect and trading to commence at 8:00 a.m. on or around March 27, 2025. The Offered Shares will rank pari passu with the Company’s existing Common Shares.
Upon Admission, the total number of Common Shares issued will amount to 133,692,971 with voting rights. This number may be utilized by shareholders as the denominator for calculations to determine if they must notify changes to their interest in the Company’s equity capital as per the Company’s Articles.
About the Topaz Project
The Topaz project is situated in northern Minnesota, USA, where Pulsar is the first entity to explore and holds exclusive leases. Drilling activities at the Jetstream #1 appraisal well achieved a total depth (TD) of 5,100 feet (1,555 meters) on January 11, 2025, successfully penetrating the entire expected helium-bearing reservoir and beyond. The Jetstream #1 appraisal well previously reached a TD of 2,200 feet (671 meters) on February 27, 2024, revealing high-quality helium concentrations of up to 14.5%, significantly above the 0.3% economic viability threshold, along with CO2 concentrations exceeding 70%, which are anticipated to enhance project economics. Additionally, the Jetstream #2 appraisal well was finalized on February 1, 2025, reaching a TD of 5,638 feet (1,718 meters). The deepening of Jetstream #1 and the completion of Jetstream #2 drilling are crucial steps for Pulsar in addressing the rising global demand for helium as the Company progresses towards production.
Notice to US Investors
This press release does not constitute an offer to sell or a solicitation of an offer to purchase any 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 under any state securities laws and cannot be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state laws or unless an exemption from such registration is applicable.
On behalf of Pulsar Helium Inc.
“Thomas Abraham-James”
President, CEO and Director
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) 596 / 2014, WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED (“UK MAR”).
Further Information:
Pulsar Helium Inc.
[email protected]
+1 (218) 203-5301 (USA/Canada)
+44 (0) 2033 55 9889 (United Kingdom)
https://pulsarhelium.com
https://ca.linkedin.com/company/pulsar-helium-inc.
Strand Hanson Limited
(Nominated & Financial Adviser, and Joint Broker)
Ritchie Balmer / Rob Patrick / Richard Johnson
+44 (0) 207 409 3494
OAK Securities*
(Joint Broker)
Jerry Keen (Corporate Broking) / Henry Clarke (Institutional Sales) / Dillon Anadkat (Corporate Advisory)
[email protected]
+44 203 973 3678
BlytheRay Ltd
(Financial PR)
Megan Ray / Said Izagaren
+44 207 138 3204
[email protected]
*OAK Securities is a trading name of Merlin Partners LLP, a firm incorporated in the United Kingdom and regulated by the UK Financial Conduct Authority.
About Pulsar Helium Inc.
Pulsar Helium Inc. is a public company listed on the AIM market of the London Stock Exchange and the TSX Venture Exchange under the ticker PLSR, as well as on the OTCQB under the ticker PSRHF. Pulsar’s portfolio includes its flagship Topaz helium project in Minnesota, USA, and the Tunu helium project in Greenland. Pulsar is a first mover in both locations, with primary helium occurrences identified that are not associated with hydrocarbon production.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in its policies) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release and the accompanying interview contain forward-looking information as defined under Canadian securities legislation (collectively, “forward-looking statements”) pertaining to the Company’s current expectations and perspectives on future events. Statements that express, or involve discussions regarding expectations, beliefs, plans, objectives, assumptions, or future performance (often using terms 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 classified as forward-looking statements. Forward-looking statements here include, but are not limited to, commentary on the completion of the remainder of the Private Placement, the effects of deepening Jetstream #1 on the resource estimate, anticipated timing for the drilling of Jetstream #2; the potential for CO2 as a marketable by-product of the Company’s future helium production; and prospects for new well developments. These forward-looking statements may involve estimates and rely on assumptions made by the Company’s management, including but not limited to, the Company’s capital cost projections, expectations regarding capital availability, and the expectation of obtaining all necessary regulatory approvals.
No reserves have been included in reference to the Company’s property interests up to this point due to their developmental stage. Consequently, the Company’s future value is contingent upon the success of its operational initiatives primarily aimed at exploration, appraisal, and development of its assets, as well as potential future property acquisitions. Un-risked Contingent and Prospective Helium Volumes have been identified at the Topaz Project, but estimating helium volumes carries substantial uncertainties related to technical data interpretation, upcoming commodity prices, and costs associated with development and operation. There is no guarantee that the Company will successfully convert its helium volume to reserves or produce the estimated volume. Estimates might significantly change or become more uncertain as additional information becomes available, such as through subsequent drilling or production tests. As estimates evolve, development and production strategies may be adjusted. A downward revision of helium volume estimates may negatively impact the Company’s operational or financial outcomes.
Estimates of helium volumes are reflections of judgement based on experience, knowledge, and industry standards. These estimates are imprecise and contingent on interpretations that might ultimately be incorrect and need revision or, even if valid at the time of calculation, could vary greatly as new data and techniques emerge. As new information becomes available through additional drilling and evaluations, it is probable that estimates will change. Any changes to volume could influence the Company’s exploration and development strategies, potentially impacting its performance. The process of estimating helium resources is multifaceted and involves significant decision-making and assumptions regarding the reliability of geological, geophysical, engineering, and economic data for every property. Different engineers may provide varying estimates of resources, cash flows, or other variables based on the same data.
Forward-looking statements are subject to numerous risks and uncertainties, many of which are outside the Company’s influence, which could lead actual results and events to differ significantly from those disclosed in or suggested by such forward-looking statements. Risks and uncertainties include, but are not limited to, the possibility that Pulsar may not successfully deepen Jetstream #1 or drill commercially viable wells; uncertainties in resource estimations; operational risks associated with exploration, including higher-than-expected drilling costs and delays in drilling commencement; fluctuations in commodity prices; health, safety, and environmental considerations; and other factors outlined above as well as those discussed 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, available on the Company’s website at https://pulsarhelium.com/investors/aim-rule-26/default.aspx.
Forward-looking statements in this news release are valid only as of the date of the release, and the Company undertakes no obligation to update or revise any forward-looking statements, except as legally required. As new factors emerge, the Company cannot predict all of them or evaluate the impact of each factor, or assess how any particular factor or combination of factors may cause actual results to differ materially from those set forth in any forward-looking statement. There can be no assurance that the forward-looking statements provided here will prove to be accurate, and therefore, investors should not overly rely on them. Any forward-looking statements in this release are expressly subject to the cautionary statements herein.
SOURCE: Pulsar Helium Inc.
View the original press release on ACCESS Newswire
