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LONDON/TORONTO - Pulsar Helium (TSXV:PLSR) Inc. (AIM:PLSR, TSXV: PLSR, OTCQB: PSRHF) announced Wednesday it plans to raise between £3 million and £5 million through a private placement to advance its flagship Topaz helium project in Minnesota.
The company intends to issue a minimum of 13,043,478 common shares at £0.23 per share (approximately CAD$0.43) to raise at least £3 million, with the potential to issue up to 21,739,130 shares for maximum proceeds of £5 million.
The fundraising will be conducted via an accelerated bookbuild process managed by OAK Securities as exclusive bookrunner, with results expected to be announced Thursday morning.
According to the company, proceeds will primarily fund drilling of up to 10 new appraisal wells at the Topaz project to further define the helium-bearing reservoir. Additional activities planned within the next 12 months include a preliminary economic assessment and resource update.
University Bancorp Inc., which holds approximately 5% of Pulsar and serves as its principal lender, has indicated its intention to participate in the offering to maintain its equity position.
The new shares, when issued, will rank equally with existing common shares. Closing of the offering and admission to trading on AIM is anticipated around August 29, subject to regulatory approvals including conditional approval from the TSX Venture Exchange.
OAK Securities will receive an advisory fee of £20,000 and a 6% commission on proceeds raised from UK investors it introduces, plus broker warrants equal to 6% of shares acquired by these investors.
The information is based on a company press release statement.
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