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WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
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NEWS RELEASE | JANUARY 10, 2025 |
CASCAIS, PORTUGAL
PULSAR HELIUM ANNOUNCES
CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT
Pulsar Helium Inc. (AIM: PLSR, TSXV:
PLSR, OTCQB: PSRHF) ("Pulsar" or the "Company"), a leading helium project
development company, is pleased to announce that it has closed the
first tranche (the "First
Tranche") of the brokered private placement previously
announced on December 30th, 2024 (the "Private Placement") through the
issuance of 5,263,160 common shares ("Common Shares") at a purchase price of
US$0.38 per Common Share (equivalent to approximately C$0.55/
GBP£0.30) for gross proceeds of US$2.0 million.
The First Tranche includes
participation from high net worth and institutional investors from
the USA, including University Bancorp, Inc. that now holds 4.99% of
the issued and outstanding Common Shares of the Company.
The closing of the First Tranche
provides sufficient funds to proceed with the step-out well,
Jetstream #2. As announced on January 6th, 2025, the drill pad for
the step-out well is prepared, and the conductor rig is to be
installed this week. Drilling of Jetstream #2 is scheduled to
commence immediately after deepening of Jetstream #1 is complete.
In addition, the Company will be increasing the passive seismic
(ambient noise tomography) footprint within the Topaz project
area.
In connection with the First
Tranche, the Company paid a cash fee of US$120,000 to the Company's
Placing Agent, University Bank.
The securities issued in connection
with the Private Placement will be subject to a four-month and one
day hold period. The Private Placement is subject to certain
conditions including, but not limited to, the receipt of all
necessary regulatory and other approvals including the approval of
the TSX Venture Exchange.
The Company expects to provide an
update on the closing of the remainder of the Private Placement
within the next two weeks.
Exercise of Warrants
The Company notes that over the last
two months, an aggregate of 747,434 share purchase warrants (all of
which were issued as part of its offering that closed on January
17, 2024) were exercised and generated cash proceeds for the
Company of approximately C$270,000.
Admission to AIM and Total Voting Rights
Application is being made to the
London Stock Exchange plc for the admission of the 5,263,160 Common
Shares issued pursuant to the First Tranche, and the 747,434
Common Shares issued pursuant to the abovementioned warrant
exercises, to be admitted to trading on AIM, which is expected to
occur and dealings commence at 8.00 a.m. on or around January 15th,
2025. The new Common Shares will rank pari passu with the Company's
existing Common Shares.
On Admission, the total number of
Common Shares in issue will be 132,567,977 with voting rights. This
figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
Company's issued share capital pursuant to the Company's
Articles.
About the Topaz Project
The Topaz project is located in
northern Minnesota, USA where Pulsar is the first mover and holds
exclusive leases. The Jetstream #1 appraisal well previously
reached total depth (TD) of 2,200 feet (671 metres) on February
27th, 2024, identifying top-tier helium concentrations of up to
14.5%, well above the 0.3% widely accepted economic threshold, and
CO2 concentrations exceeding 70% - with the latter expected to
further contribute to the project economics. The deepening of
Jetstream #1 is a pivotal step in advancing Pulsar's strategy to
address the increasing global demand for helium as the Company
moves another step closer to production.
Caution to US
Investors
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the 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 any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
On behalf Pulsar Helium
Inc.
"Thomas Abraham-James"
President, CEO and
Director
Further Information:
Pulsar Helium Inc.
connect@pulsarhelium.com
+ 1 (218) 203-5301
+44 (0) 2033 55 9889
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:
Website https://pulsarhelium.com
X https://x.com/pulsarhelium
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 completion of the remainder of the
Private Placement, the potential impact of deepening Jetstream #1
and the potential impact of such deepening on the next iteration of
the resource estimate; the expected timing to commence drilling of
Jetstream #2; the potential of CO2 as a valuable by-product of the
Company's future helium production; 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 deepening the Jetstream #1, 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
AIM Admission Document published on October 14, 2024 found on the
Company's web site at https://pulsarhelium.com/investors/aim-rule-26/default.aspx.
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 are expressly qualified in their
entirety by this cautionary statement.