Jan 25, 20234 min
Pulsar Helium completed its oversubscribed non-brokered private placement to raise gross proceeds of C$2.9mm. A total of 12.9mm new special warrants were issued at a price of C$0.225 each. Proceeds of the placement will be allocated to advancing the Company's helium projects and listing the Company's common shares on the TSX Venture Exchange. The Company also appointed a Board of Directors, which includes Chairman Neil Herbert, President and CEO Thomas Abraham-James, and independent directors Geoffrey Crow and Jón Ferrier. Advisory firm Edelgas Group was hired for commercialisation of its Topaz project in Minnesota.
Press Release:
Pulsar Helium Inc, a dedicated helium explorer and developer, provides this update by open letter to its shareholders and the general public.
Private Placement
On January 13, 2023, the Company closed the final tranche of a non-brokered private placement (the "Private Placement") to raise aggregate gross proceeds of CAD$2.9M. The placement was significantly over-subscribed, surpassing the initial target amount of CAD$1M.
A total of 12,924,775 new special warrants were issued at a price of CAD$0.225 each. Each special warrant will convert into a common share of the Company upon the earlier of: (i) the business day after the date on which receipt has been issued by the securities regulatory authorities in the provinces and territories of Canada in which purchasers are resident for a (final) prospectus qualifying the underlying shares or (ii) 5:00 p.m. (Vancouver Time) on the date that is four months and one business day following the closing date of each tranche of the Private Placement.
The Company paid a total of $40,635.00 cash and issued a total of 334,027 special warrants in satisfaction of finder's fees on the Private Placement. The special warrants have the same conversion terms as mentioned above.
The issued share capital of Pulsar currently stands at 50,085,623 common shares and 13,258,802 special warrants, with no additional stock options or warrants outstanding.
Proceeds of the placement will be allocated to advancing the Company's Topaz helium project in Minnesota (USA) and Tunu helium project in Greenland, listing the Company's common shares on the TSX Venture Exchange and general and administrative costs.
Board Appointments
The Company's shareholders have passed a resolution approving the appointment of directors of the Company (the "Board"). Board member profiles are as follows:
Neil Herbert, Chairman
Neil is a finance professional with over 30 years of experience, including 25 years in executive and leadership roles in the resource sector since joining Antofagasta plc in the 1990s. He was the founding chairperson of Helium One Global Ltd (AIM:HE1), and is currently Chairman of Atlantic Lithium Ltd. (ASX:A11, LSE:ALL).
Thomas (Tom) Abraham-James, President & CEO
Tom has over 17 years of global experience in exploration, commercial, strategic and leadership positions in the helium and mining industries. A geologist by training, Tom was co-founder and managing director of Helium One Global Ltd (AIM:HE1), and is also currently a non-executive director of Conico Ltd (ASX:CNJ).
Geoffrey (Stu) Crow, Independent Director
Stu has over 35 years of global experience in financial services, corporate finance, investor relations, international markets, salary packaging and stock broking. His other roles include non-executive chairperson of Lake Resources N.L. (ASX:LKE), senior non-executive director of Atlantic Lithium Ltd. (ASX:ALL) and non-executive director of Todd River Resources (ASX:TRT).
Jón Ferrier, Independent Director
Jón has over 30 years of experience in exploration, commercial, strategic and leadership positions in the oil and gas and mining industries. A geologist by training, he was most recently Chief Executive Officer of Gulf Keystone Petroleum Limited (LSE:GKP), with prior roles at Maersk Oil, Petro-Canada and ConocoPhillips.
Thomas Abraham-James, President & CEO, commented:
"Pulsar has got off to a great start by completing the initial financing with funds being applied to our wholly owned Topaz helium project in the USA, which has previously been drilled and flowed 10.5% helium. The next step is to complete an appraisal well, to be drilled within close proximity of the discovery. Our objective is to drill this appraisal well in mid-2023, for which permitting and contract negotiation is already well underway."
Neil Herbert, Chairperson commented:
"We warmly welcome all new shareholders to Pulsar. It is going to be an exhilarating 2023 and we look forward to keeping you informed with our progress."
Edelgas appointment
Pulsar Inc, a helium exploration company, has signed a services agreement with global gas advisory firm Edelgas Group Inc for commercialization of its Minnesota-based, Topaz helium project.
Thomas Abraham-James, President & CEO of Pulsar, commented that “The experience and support provided by Edelgas across the full supply chain will play an important role in accelerating and optimizing our Topaz helium project. We look forward to working with Edelgas and our new shareholders as we develop this exciting project".
Bo Sears, Director of Edelgas Group said, "Having reviewed most of the projects in North America, we're excited to play our part in Pulsar’s Topaz helium project, a frontier helium play that could dramatically change the helium supply landscape in the near-term. Our team will draw on all of its experience and skills to develop this project and bring this valuable helium to market.”