Pulsar Helium Inc - developing Topaz helium project in US state of Minnesota - Strikes agreement with Michigan-based University Bank to be the placement agent for a share offer to raise up to $7.5 million. The new shares will be placed with US-based investors at $0.38, about 30 pence. University Bank will receive a fee of 6.0% of the purchase price of each share sold. As part of the arrangement, University Bancorp Inc, the owner of University Bank, will provide a $4.0 million line of credit to ABCrescent Cooperatief UA, a major shareholder in Pulsar Helium. This will allow ABC to exercise its 15.5 million share purchase warrants to buy Pulsar shares at C$0.36, about 20p.

The funds will be used reach a final investment decision for the construction of a combined helium and CO2 production facility at the Topaz project. Drilling to deepen the Jetstream #1 appraisal well there is set to start later this week, Pulsar says.

Current stock price: 26.30p, up 1.2% in London on Tuesday

12-month change: down 4.4%

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