Pulsar Helium Inc. (AIM:PLSR, TSXV:PLSR; FRA: Y3K, OTCQB:PSRHF), a leading helium company, has received a non-binding commitment from Michigan, USA-based University Bank for $12.5 million in funding for a helium processing plant at its Topaz Helium Project in Minnesota. University Bank is 100 percent owned by University Bancorp, Inc., which currently holds approximately 4.9% of Pulsar’s issued share capital and has total assets of approximately $1.04 billion.
Extended Credit Facility and Planned Construction Financing
The Company also announces that University Bancorp, Inc. has extended the term of the existing $4 million project financing facility granted to Pulsar’s subsidiary, Keewaydin Resources, Inc., from March 31, 2026, to November 30, 2026, for an extension fee of 0.75% on the currently drawn amount of $2.5 million ($18,750), payable upon maturity.
Thomas Abraham-James, President and CEO of Pulsar, said: “We are very grateful for University Bank’s continued support and confidence in Pulsar. Their interest in funding Pulsar with up to $12.5 million for the construction of a helium processing plant is another significant step towards commencing production at the Topaz Project. This potential financing, along with the extension of our existing credit facility, strengthens our ability to decisively advance construction planning and execution.”
The closing of the proposed financing facility, which is subject to the negotiation of definitive documentation and the satisfaction of certain closing conditions, would bear interest at 12% per annum, with interest-only payments for the first twenty-four (24) months, followed by full amortization over five years with a maturity date after seven years. A fee of 2% will be due upon closing and payable at the end of the interest-only period.
Prior to closing, the following conditions must be met: Submission of a final report by an independent resource evaluator confirming sufficient proven helium reserves at the Topaz Project to justify the construction of a helium plant; Receipt of all permits and legal rights required for production at the Topaz Project; Availability of sufficient working capital to finance the remaining plant construction costs and operations at the Topaz Project until completion and for six months thereafter; and Approval by the University Bank Board of Directors. The proposed financing is non-binding and remains subject to the negotiation of definitive agreements, the satisfaction of all closing conditions, and customary regulatory approvals.
Note: On August 25, 2025, a GOLDINVEST webinar with Pulsar Helium and CEO Thomas Abraham-James will take place, presenting current project progress and future milestones. Registration is possible via the event page.
