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Pulsar Helium Inc. (TSXV: PLSR) Secures $4 Million Project Finance Facility for Topaz Helium Project
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Highlights
Pulsar Helium Inc. (TSXV:PLSR), a prominent helium project development company, has announced that University Bancorp, Inc. has signed a term sheet to extend a US$4 million Project Finance Facility to Pulsar’s wholly owned subsidiary, Keewaydin Resources, Inc. ("Keewaydin"). This line of credit will be secured by a pledge of all shares of Keewaydin and a first lien on its assets. The loan facility, which will mature on March 31, 2026, will bear an interest rate of 12% per annum on any amount drawn, with a 2% utilization fee on the balance. The funds will be utilized for operational activities on Pulsar's Topaz helium project, with draws expected as needed in the near term.
The facility is subject to the execution of definitive documentation and regulatory approvals, including approval from the TSX Venture Exchange if required. Pulsar has also indicated that positive drilling results at Topaz and upcoming flow testing of the Jetstream #1 and #2 wells are encouraging. The contractors are confirmed to mobilize and begin flow testing around March 29, 2025, with each well expected to be flowed for two weeks. Uncontaminated gas samples from the wells will be analyzed in a laboratory to further assess the helium potential of the project.
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