31st Dec 2024 10:03
Pulsar Helium Inc - developing Topaz helium project in US state of Minnesota - Strikes agreement with Michigan-based University Bank to be the placement agent for a share offer to raise up to USD7.5 million. The new shares will be placed with US-based investors at USD0.38, about 30 pence. University Bank will receive a fee of 6.0% of the purchase price of each share sold. As part of the arrangement, University Bancorp Inc, the owner of University Bank, will provide a USD4.0 million line of credit to ABCrescent Cooperatief UA, a major shareholder in Pulsar Helium. This will allow ABC to exercise its 15.5 million share purchase warrants to buy Pulsar shares at CAD0.36, about 20p.
The funds will be used reach a final investment decision for the construction of a combined helium and CO2 production facility at the Topaz project. Drilling to deepen the Jetstream #1 appraisal well there is set to start later this week, Pulsar says.
Current stock price: 26.30p, up 1.2% in London on Tuesday
12-month change: down 4.4%
By Tom Waite, Alliance News editor
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