Pulsar Helium Inc (TSXV:PLSR)(OTCQB:PSRHF) has announced that it has closed the Cornerstone Investment as part of its intended AIM IPO, as announced on August 21, 2024, and the appointment of Dan O’Brien, Chief Financial Officer of the Company, to its Board of Directors.
On August 21, 2024, the Company announced its intention to apply for the admission to trading of the Company’s Common Shares on London’s AIM Exchange, with a target admission date before the end of October 2024. The Company has now closed the cornerstone investment of £1.125 million, which will be used to fund the long lead items for the deepening of the Jetstream #1 well at Topaz and the AIM admission costs.
In preparation for admission to AIM, Pulsar Helium has welcomed Dan O’Brien to its Board of Directors, who will continue in his role as Chief Financial Officer of the Company. Dan is a Chartered Professional Accountant with 20 years of experience working with public companies in the resource industry.
The Board members of the Company now consist of Neil Herbert (Executive Chair), Thomas Abraham-James (Chief Executive Officer), Dan O’Brien (Chief Financial Officer), together with non-executive directors, Jón Ferrier, Geoffrey Crow, Doris Meyer and Brice Laurent. The Board is primed for the next stage of the Company’s development with seasoned corporate, financial, technical and operational experience.
The AIM admission is supplementary to Pulsar Helium’s existing listing on the TSX Venture Exchange in Canada.
About the Topaz Project, Minnesota
As announced on June 6, 2024, the Jetstream #1 well confirmed the presence of helium and CO2 bearing gas identified in the original LOD-6 discovery well and has substantially de-risked the Topaz Project. In addition, Jetstream #1 correlates with seismic data acquired by the Company which shows a distinct velocity anomaly at the depth of the gas zone that persists for a further ~500m and it is the Company’s near-term intention to deepen Jetstream #1 to test the full scale of the seismic velocity anomaly. This is also proposed to be accompanied by a step out well and additional seismic acquisition with the intention of increasing the size of the resource base and delineating additional prospects. The Company intends to commission a third-party preliminary economic assessment (PEA) study, with the intention of identifying near-term production scenarios.
