Pulsar Helium (PLSR), a helium project development company, announced that it is arranging a brokered private placement to select US based investors at a price of US$0.38 (equivalent to approximately C$0.55 / GBP£0.30) to raise up to US$7.5 million.
Drilling for the deepening of the Jetstream #1 appraisal well is set to commence later this week at its flagship Topaz Project in Minnesota. The drill rig, ancillary equipment and personnel are on site, the drill crew having returned today after an agreed Christmas break (at no cost to the Company). As part of this crucial phase, Pulsar plans to deepen the Jetstream #1 appraisal well by a minimum of 1,640 feet (500 metres).
Comment: Rather like Helium One (HE1) did not so long ago, PLSR moves to raise cash just ahead of the big drilling reveal, in this case at Topaz. Given the initial positive share price reaction, and the evident confidence of the company in what it will find, those taking part in the placing should be well rewarded.
DG Innovate (DGI), the advanced research and development company developing pioneering solutions in sustainable mobility and energy storage, announces its intention to cancel the listing of its Shares on the Main Market of the London Stock Exchange. DGI said current discussions with potential investors who could substantially invest in DGI were it no longer listed has given the Directors confidence that this provides the best available route to significant funding.
Comment: After not exactly covering itself in glory in its time on the market, and apparently running out of puff, and cash, DGI is yet another listed company giving the London stock market a rather painful Dear John RNS. This is made all the more so given the implication that the company is more likely to get funding if off the stock exchange, rather off – especially given that the main erstwhile purpose of being listed is to raise cash.
CleanTech Lithium (CTL), an exploration and development company advancing lithium projects in Chile for the clean energy transition, provided an update on the Laguna Verde CEOL application (CEOL Application Update) and on the Company’s amended unaudited financial results for the six months ended 30 June 2024 (Interim Results) first published on 30 September 2024. In progressing the documentation to support the Company’s proposed dual listing on ASX, it has been necessary for the Interim Results to be independently reviewed by the Company’s auditor. The Loan Note liability is now shown as £1.5 million (previously reported as £2.1 million).
Comment: CTL have been in a holding pattern both in terms of its projects in Chile, as well as perhaps more pressingly, the status of the proposed listing on the ASX. At least it can comfort shareholders in the near term with the lowered Loan Note liability.
Yesterday Galileo (GLR), the exploration and development mining company, announced its unaudited interim results for the six-month period ended 30 September 2024. The Group reported profit of £2,172,112 (2023: loss of £521,764) after taxation. The profit reported during the period was generated by the sale of the Company’s interest in Glenover.
Comment: We are reminded that market’s ongoing rather off hand attitude towards GLR continues to belie the fact that the company has been able to swing to profit, but also the potential of its various African projects.
Yesterday Panther Metals (PALM) the company focused on mineral exploration in Canada, announced that drill core assay results confirm a 1.2km long open-ended gold trend and the intersection of high grade zinc/gold VMS style1 mineralisation at the Dotted Lake Project, the 100% owned exploration property situated on the north limb of the Schreiber-Hemlo Greenstone Belt in Ontario, Canada. PALM said below the overburden of Dotted Lake, a large mineralised system has, until now, remained largely undisturbed, only providing small glimpses of its potential at surface. The assay results from the first of five drill holes, have confirmed our greatest hopes and theories: gold over a widening area, and a VMS system containing high grade zinc and gold optimally located between the Geco VMS mine to the north and Barrick’s Hemlo gold mine to the south.
Comment: PALM is clearly enthused by its latest discovery at Dotted Lake, with the clear intention to advance the high grade project as quickly as possible.
Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion
