Pulsar Helium Inc. (PLSR.L,PLSR.V), a helium project development company, Monday announced that it entered into a non-binding term sheet for the acquisition of Hybrid Hydrogen Inc, an early-stage exploration company with no current revenue, in an all-share transaction.
The consideration will be satisfied through issuance of new Pulsar common shares equivalent to total value of $80,000.
The acquisition is not expected to have a material near-term impact, but the company expects successful exploration to add significant long-term upside.
Hybrid possess a lease agreement for exclusive mineral rights for non-hydrocarbon gases in Michigan's Upper Peninsula, covering approximately 6,742 acres. Hybrid's mineral rights lie within a favorable geological environment similar to that Pulsar's Topaz helium project in Minnesota, paving the way for Pulsar's helium exploration.
Pulsar's all shares issued will be subject to a statutory hold period of four months and one day, as required by the TSX Venture Exchange.
The non-binding term sheet provides for an exclusivity period of 60 days for a fee of $20,000 to finalize definitive documentation and complete due diligence.
On the London Stock Exchange, Pulsar's shares were trading 1.24 percent higher at 44.05 pence.
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