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NEWS RELEASE | OCTOBER 18, 2024 |
CASCAIS, PORTUGAL
FIRST DAY OF DEALINGS ON AIM
AND COMPLETION OF FUNDRAISE
Pulsar Helium Inc. (AIM: PLSR, TSXV:
PLSR, OTCQB: PSRHF) ("Pulsar" or the "Company"), the helium project
development company, is pleased to announce that its common shares
will commence trading today, 18 October 2024, on the AIM market of
the London Stock Exchange plc ("AIM") (the "Admission").
The Admission follows the successful
completion of the fundraising of £3.875 million (C$7 million)
(before expenses) (the "Fundraising"), as announced on 15
October 2024. Total gross funds raised by the Company pursuant to
the Fundraising and the £1.125 million pre-IPO cornerstone
investment as first announced on 21 August 2024, therefore amount
to £5 million.
Dealings in Pulsar's common shares
of no par value ("Common
Shares") on AIM will commence at 08:00 a.m. today under the
TIDM "PLSR" and ISIN code CA7459321039.
The Company's Common Shares will
continue to be listed and traded on the TSX Venture Exchange
("TSX-V") in Canada and the
OTCQB Venture Market in the United States.
PULSAR HIGHLIGHTS
•
Primary Helium Discovery:
Pulsar is at the forefront of primary helium project discovery and
development, with its flagship Topaz project in Minnesota
("Topaz") flowing
concentrations that are considered very high by global standards,
significantly surpassing the commonly accepted economic viability
threshold. Topaz also has a potential value-add product in the form
of CO₂, with drilling demonstrating high content.
•
Significant Upside
Potential: The Company has only drilled one well to date at
Topaz, with ongoing exploration poised to unveil the project's
considerable size and scale, further enhancing its resource
base.
•
Near-Term Drilling and Timeline to
Production: The Fundraising enables Pulsar to accelerate its
development plans at Topaz, initially by deepening the Jetstream #1
well in Q4 2024, acquiring further seismic and commissioning a
third party preliminary economic assessment, with a clear pathway
to production supported by existing infrastructure and low-cost
operational strategies.
•
Green Helium Focus: Pulsar
prioritises sustainable extraction practices, producing helium
without the association of hydrocarbons or water.
•
Technology Driven Demand:
Helium is a critical and scarce resource used in semiconductor
manufacturing, high-quality fibre-optic cable production, and MRI
imaging. Its unique properties also improve data storage efficiency
and mean helium is used by the growing space industry. With
increasing demand and significant supply constraints, developing
new helium sources is crucial for advancing technology.
•
Strong Management Team: The
management team combines decades of helium industry experience,
leading strategic initiatives and enhancing operational
effectiveness.
•
Strategic Helium Project:
The Tunu Project in Greenland ("Tunu") is a primary helium district
with exclusive rights to 2,816km². Independent studies indicate up
to 0.8% helium concentrations, positioning Tunu to meet rising
European demand.
•
Supportive Jurisdictions:
With its projects in USA and Greenland, Pulsar benefits from
supportive local legislation and a community-focused approach,
significantly de-risking its projects.
Thomas Abraham-James, President & CEO of Pulsar,
commented:
"We are excited to announce our first day of dealings on the
AIM market, a significant milestone for Pulsar that opens new
avenues for growth and investment. This listing offers UK investors
the opportunity to be part of Pulsar's journey as we aim to become
a strategic supplier of green helium, a resource that is
increasingly vital for the technologies of today and
tomorrow.
Our recent fundraising, which was oversubscribed by more than
50%, is a testament to the strong support and confidence in our
vision and our flagship Topaz project. The Topaz project has
yielded very high helium concentrations by global standards, far
exceeding the economic viability threshold, and positions us at the
forefront of primary helium discovery and
development.
The funds raised will enable us to accelerate our exploration
and development activities at Topaz, allowing us to unlock its
considerable size and potential, while also advancing our Tunu
project in Greenland, which holds significant promise as one of
Europe's few primary helium occurrences.
Helium plays a crucial role in various technology-driven
sectors and as the global helium market faces increasing supply
constraints, our commitment to sustainable extraction practices
positions us to meet the growing demand for this critical resource
in a way that is mindful to the planet.
We
look forward to providing updates on the continued progress of our
projects and our strategic initiatives as we look to continue the
delivery of value to all our stakeholders."
HIGHLIGHTS OF THE FUNDRAISING
•
The Fundraising comprised a placing of 15,500,000 new Common Shares
(the "Fundraising Shares")
at a price of 25p (approximately C$0.45) (the "Issue Price") per Fundraising
Share.
•
As announced on 3 September 2024, the Company closed a pre-IPO
cornerstone investment of £1.125 million (the "Cornerstone Investment") by way of a
subscription for special warrants of the Company by Jerome Anthony
Keen, a principal of OAK Securities (a trading name of Merlin
Partners LLP). The Cornerstone Investment has converted, at the
Issue Price, into 4,500,000 new Common Shares.
•
The net proceeds of the Fundraising (together with the Company's
existing funds, including the Cornerstone Investment) are expected
to be used primarily to accelerate the development of Topaz through
undertaking further drilling to deepen the Jetstream #1 well,
acquire further seismic studies and complete a preliminary economic
assessment, undertake additional (as yet uncommitted) Topaz project
related activities, and for general working capital
uses.
•
Strand Hanson Limited acted as nominated and financial adviser to
the Company in connection with Admission.
•
OAK acted as broker in connection with the Fundraising, having
sourced the initial £1.125m Cornerstone Investment, and then built
a heavily oversubscribed book for the Fundraising. OAK is acting as
joint broker from Admission.
Admission Document
The Admission Document is available
to download from the Company's website at www.pulsarhelium.com.
Further Information:
Pulsar Helium Inc.
connect@pulsarhelium.com
+ 1 (604) 599-0310
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)
info@OAK-securities.com
+44 203 973 3678
BlytheRay Ltd
(Financial PR)
Megan Ray / Said Izagaren
+44 207 138 3204
pulsarhelium@blytheray.com
*OAK Securities is the 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 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 https://pulsarhelium.com,
X https://x.com/pulsarhelium
and 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 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 the Prospective Resources and the Chance of
Commerciality of Topaz; the potential for deepening Jetstream #1
and the potential impact of such deepening on the next iteration of
the resource estimate; the potential of the Topaz and Tunu
projects; and the intended use of proceeds from the AIM IPO; 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 Final Prospectus dated
July 31, 2023 filed on the Company's profile on www.sedarplus.ca.
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 and
interview are expressly qualified in their entirety by this
cautionary statement.