A total of 12,924,775 new special warrants were issued at a price of CAD 0.225 each. These warrants will be automatically exchanged for common shares on a one-for-one basis in four months at the latest, or earlier in the event of a successful IPO, and will be freely tradable immediately following the IPO. Including the warrants issued as finders fees, Pulsar Helium's share capital currently comprises 50,085,623 common shares and 13,258,802 special warrants. The vast majority of the shares belong to the company's founders. Approximately 50 million shares are therefore subject to a staggered holding period, where all shares will only be freely tradable after 36 months.
Thomas Abraham-James, President and CEO, commented, "Pulsar is off to a great start with the closing of its first financing. The funds will be used for our 100% owned Topaz helium project in the U.S., which has been drilled in the past and has delivered 10.5% helium. The next step planned is an exploratory well to be drilled in close proximity to the discovery. Our goal is to drill this exploratory well in mid-2023, for which permitting and contract negotiations are well advanced."
Meanwhile, the board has approved the appointment of board members. Co-founder Neil Herbert will assume the role of chairman. He has 30 years of experience as a financial expert, including 25 years in senior positions in the natural resources sector. His career began in the 1990s with Antofagasta plc. Herbert was founding chairman of Helium One Global Ltd (AIM:HE1) and is currently chairman of Atlantic Lithium Ltd (ASX:A11, LSE:ALL).
Thomas (Tom) Abraham-James will become president and CEO of Pulsar Helium. Tom has more than 17 years of global experience in exploration, trading, strategy and leadership roles in the helium and mining industries. A geologist by training, Tom was Managing Director of Helium One Global Ltd (AIM:HE1) and is also currently a non-executive director of Conico Ltd (ASX:CNJ).
Geoffrey (Stu) Crow and Jón Ferrier have been appointed as independent directors. Stu has more than 35 years of experience in financial services, corporate finance, investor relations, international markets, payroll and equity trading. His other roles include non-executive chairman of Lake Resources N.L. (ASX:LKE), non-executive director of Atlantic Lithium Ltd (ASX:ALL) and non-executive director of Todd River Resources (ASX:TRT).
Jón Ferrier has over 30 years of experience in exploration, trading, strategic and executive positions in the oil and gas and mining industries. A geologist by training, he was most recently Chief Executive Officer of Gulf Keystone Petroleum Limited (LSE:GKP) and prior to that held positions at Maersk Oil, Petro-Canada and ConocoPhillips.
Summary: Pulsar Helium explores and develops only primary helium projects. The term "primary" means that helium is not a byproduct of hydrocarbon production, but the primary economic driver of the projects. Currently, the world's largest primary helium source is still the U.S. Federal Helium System in Texas. However, this source will be depleted in the next few years. Global supply will then depend heavily on sources where helium is a byproduct of natural gas production. However, these sources offer little flexibility to increase production. If the U.S. reserve goes offline in the coming years, the system will lose the flexibility needed to continuously supply the world market with helium. Even in anticipation of this scenario, helium prices have risen significantly.
Although primary helium deposits are rare, Pulsar's team has a track record of identifying sites such as the Minnesota and Greenland projects, as well as previous work in Tanzania. Pulsar takes a global approach and is constantly evaluating projects that could add to its portfolio.
The Topaz project in the U.S. state of Minnesota is the most advanced project in Pulsar's portfolio. The appraisal well, scheduled for the first half of 2023, will determine whether Topaz is suitable for commercial operations. When the project was first explored for Nickel in 2011a drillhole intersected gas by chance. Two independent gas analyses confirmed up to 10.5% helium content. Gas flowed for 4-5 days with no apparent reduction in pressure. If the appraisal well is successful, Pulsar Helium aims to become an independent helium producer itself.
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