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Pulsar Helium, a leading helium project development company, announced that University Bancorp, Inc. has signed a term sheet to extend a $4 million project finance facility to Pulsar’s wholly owned Minnesota operating subsidiary, Keewaydin Resources, Inc. in the form of a line of credit.
With positive drilling results to date at Topaz and imminent flow testing of the two Jetstream wells, the company has re-evaluated the need to raise additional equity capital at this point.
Contractors have confirmed their availability to mobilize to Topaz and commence flow testing of the Jetstream #1 and #2 wells on or around March 29, with each well to be flowed for a period of approximately two weeks. At the same time, uncontaminated gas samples will also be collected from each well and sent for laboratory analysis.
In addition, on March 21, the company closed the second and final tranche of the brokered private placement, previously announced on Dec. 30, 2024, Jan. 10, 2025, and Feb. 19, 2025 through the issuance of 1,124,994 new common shares, at a purchase price of $.38 per offered share for gross proceeds of $427,498.
Thomas Abraham-James, President and CEO commented: “We welcome the Project Finance transaction for our Topaz helium project in Minnesota. This provides the working capital required to advance the project and avoids additional shareholder dilution. Initial drilling results at Topaz have been positive, andtheupcomingflowtestsonboth Jetstream wells mark an exciting milestone as we move closer to our goal of helium production.”
