In a groundbreaking milestone, Pulsar Helium (TSXV:PLSR) has been listed on the TSX Venture Exchange (TSXV) in Canada.
After the completion of its Initial Public Offering (IPO), Pulsar’s common shares were listed on the exchange at market opening yesterday and immediately halted as a procedural requirement of the TSXV.
The Company distributed 10,295,858 units for $0.30 per unit for aggregate gross proceeds of $3,088,757.40 under the Company’s final prospectus.
“The listing of Pulsar Helium onto the TSXV is a significant milestone”, stated Thomas Abraham-James, President and CEO of Pulsar Helium.
“Listing our common shares will allow the public to be a part of what my colleagues and I believe to be a truly exciting company.”
He added: “Pulsar is the first mover in two new helium hotspots, with our Topaz project in Minnesota having already been drilled, and where we have identified a helium concentration of 10.5%.”
What are the terms of the listing?
Under an agency agreement dated July 31, 2023, Haywood Securities Inc. acted as the sole agent regarding the IPO.
With the IPO, Haywood received a cash commission of $168,442.03 and 561,472 non-transferable share purchase warrants. Each warrant entitled it to purchase one common share of Pulsar Helium for 24 months, subject to acceleration.
Haywood also received a corporate finance fee partially comprised of 500,000 units, with each Corporate Finance Unit comprising one common share and one non-transferable common share purchase warrant of the Company, with warrants exercisable for $0.45 for 24 months, subject to acceleration under certain conditions.
Furthermore, Pulsar Helium has granted Haywood an ‘option’. This is exercisable in whole or part at any time and from time to time for 30 days from the closing of the IPO to purchase up to an aggregate number of additional Units as is equal to 15% of the aggregate number of units.
As a result of the closing of the IPO, Pulsar Helium now has 74,140,288 common shares issued and outstanding.
