Pulsar Helium shares jump 23% after Quantum deal update

Pulsar Helium Inc on Wednesday provided an update on its option-based acquisition of Quantum Hydrogen Inc from Oscillate PLC, saying it has issued further consideration shares under the agreement and received fresh cash proceeds from exercised stock options.

The White Rock, Canada-based resource company targeting helium in the US and Greenland said it issued 145,434 new common shares on Tuesday to Oscillate, satisfying the third monthly tranche of its option to acquire up to 100% of Quantum Hydrogen.

Shares in Pulsar Helium were up 23% at 90.00 pence in London on Wednesday afternoon.

The tranche was valued at $80,000 and priced at a volume-weighted average price of C$0.7556 per share.

This follows the issue in December of 292,560 shares to Oscillate to satisfy the first two monthly tranches, each also valued at $80,000.

Under the agreement, Pulsar will acquire an initial 80% stake in Quantum once it issues two further monthly tranches of shares, each valued at $80,000. Pulsar also retains the option until May 3, 2027, to acquire the remaining 20% interest in Quantum for $400,000, payable in five instalments of $80,000 in shares.

All consideration shares issued under the transaction are subject to a four-month-and-one-day hold period from the date of issue.

Separately, Pulsar said that on Tuesday 250,000 stock options were exercised at C$0.45 per share, generating cash proceeds of C$112,500.

The company also updated the market on its Topax Helium project, which is commencing its 2D active seismic acquisition program.

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