Pulsar Helium Inc. (LON: PLSR, TSXV: PLSR, OTCQB: PSRHF), the helium project development company, has announced that its common shares will commence trading today, 18 October 2024, on the AIM market of the London Stock Exchange plc.
The Admission follows the successful completion of the fundraising of £3.875 million (C$7 million) (before expenses), 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 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 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 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 Helium, 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 at a price of 25p (approximately C$0.45) per Fundraising Share.
• As announced on 3 September 2024, the Company closed a pre-IPO cornerstone investment of £1.125 million 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.
