Pulsar Helium to advance Topaz project with PS5 million fundraise
Pulsar Helium Inc on Wednesday reported plans to fundraise up to £5.0 million, with it looking to ink a new drilling contract post closing of the offering.
The White Rock, Canada-based helium development company said it intends to complete a private placement of between 13.0 million and 21.7 million shares at 23 pence, raising gross proceeds of between £3.0 million and £5.0 million.
Shares in Pulsar Helium closed down 3.0% at 28.12p on Wednesday in London.
Pulsar Helium said the raise will be conducted by way of an accelerated bookbuild, managed by OAK Securities as exclusive bookrunner. It expects to report the results of the bookbuild ahead of the market open on Thursday morning.
The company said proceeds from the raise are earmarked for a mix of general corporate purposes and advancing its flagship Topaz helium project in Minnesota, US.
Pulsar Helium added that, upon closing of the offering, it expects to sign a new contract for the drilling of up to 10 new appraisal wells, as it aims to further define the size and shape of the helium-bearing reservoir.
The company said it is also looking at utilising the funds for a preliminary economic assessment and resource update.
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