Pulsar Helium Inc. has filed a preliminary prospectus with the securities regulatory authorities in each of Canada’s provinces, other than Quebec, for a proposed initial public offering.
The initial public offering is for a minimum of 10,000,000 units of the Company and a maximum of 20,000,000 Units for $0.30 per Unit for gross proceeds of a minimum of $3,000,000 and a maximum of $6,000,000.
Each Unit comprises one common share in the capital of the Company and one common share purchase warrant. Each Warrant will entitle the holder to acquire one share at an exercise price of $0.45 for 24 months from the date of issuance.
Following completion of the initial public offering, if the volume-weighted average price of the Shares on the TSX Venture Exchange is equal to or greater than $0.60 per share for a period of 25 consecutive trading days, the Company may elect to accelerate the expiry date of the Warrants to a date that is 30 days from the date when written notice of such new expiry date is sent by the Company to the holders of the Warrants.
The Offering will be managed by Haywood Securities Inc. Pulsar has granted Haywood an option, exercisable in whole or in part, any time up to 30 days following the closing date of the offering to offer for sale up to an additional 15% of the number of Units sold under the offering at the offering Price. This will cover any over-allotments and aid market stabilisation purposes.
A preliminary prospectus has been filed with the securities commissions in each province. It contains essential information relating to the Units. The preliminary prospectus has not yet become final for the sale of securities, and information contained in the preliminary prospectus may not be complete and may need amending.
There will not be any sale or any acceptance of an offer to buy the Units until a receipt for the final prospectus has been issued by the relevant securities commissions in Canada. A copy of the preliminary prospectus is available under the Company’s profile on SEDAR.
This development does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933 or any state securities laws and may not be offered or sold within the United States or to US Persons unless registered under the Act. Applicable state securities laws or an exemption from such registration is available.
