Pulsar Helium Inc. (PLSR) Completes First Tranche of Private Placement, Secures $2 Million in Funding
Pulsar Helium Inc. (PLSR) has successfully concluded the initial tranche of its brokered private placement, previously announced on December 30, 2024. The company issued 5,263,160 shares at a price of US$0.38 each, raising gross proceeds of US$2 million.
The placement attracted participation from high-net-worth individuals and institutional investors in the United States, including University Bancorp, Inc.
The funds raised will enable Pulsar Helium to advance the Jetstream #2 step-out well at the Topaz project in Minnesota. As announced on January 6, 2025, the drill pad for Jetstream #2 has been prepared, and the conductor rig is scheduled for installation this week. Drilling of Jetstream #2 is set to commence immediately after the completion of the deepening operations on Jetstream #1, which are currently underway.
In addition to drilling activities, the company plans to expand the passive seismic footprint within the Topaz project area to enhance exploration efforts.
Securities issued in connection with the private placement are subject to a four-month and one-day hold period. Pulsar Helium expects to provide an update on the closing of the remaining portion of the private placement within the next two weeks.
Separately, Pulsar Helium reported that over the past two months, a total of 747,434 share purchase warrants were exercised, generating approximately C$270,000 in cash proceeds for the company.
Comment: It was smart of PLSR to deliver a fundraise ahead of what should be the next momentous and imminent drilling / discovery news. This allows those who are new to the party to get a potentially material near term win.
