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LONDON - Oscillate PLC announced Tuesday it has signed a definitive agreement with Pulsar Helium Inc. to sell up to 100% of its wholly owned hydrogen subsidiary, Quantum Hydrogen Inc., for consideration of up to $800,000 in Pulsar common shares.
Under the agreement, which supersedes a non-binding term sheet announced on September 2, Pulsar will initially acquire 80% of Quantum for $400,000 in Pulsar shares, to be issued in five monthly tranches of $80,000 each. The number of shares in each tranche will be determined by the 30-day volume-weighted average price of Pulsar’s shares prior to each issuance.
Pulsar has the right to acquire the remaining 20% stake within 18 months for an additional $400,000 in shares under the same terms.
The transaction represents a strategic shift for Oscillate, which plans to rename itself Serval Resources, as it focuses on copper and metals related to energy transition and digital economy, particularly in exploration assets in Namibia, Botswana and Côte d’Ivoire.
"We are delighted to be making this disposal, given that these assets had become non-core to the Company," said Oscillate CEO Robin Birchall in the press release statement.
The transaction constitutes a related party transaction as Neil Herbert, a director of Pulsar, and Frontier Resources International, Inc. own shares in both companies. John Treacy, Oscillate’s independent non-executive director, has determined the sale is fair and reasonable for shareholders.
The securities issued will be subject to a four-month-and-one-day hold period as required by the TSX Venture Exchange.
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