Pulsar Helium Signs Non-binding Term Sheet To Acquire Hybrid Hydrogen

(RTTNews) - 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.