Pulsar Issues Shares to Directors

Rhea-AI Summary

Pulsar Helium Inc. (TSXV:PLSR)(OTCQB:PSRHF) has issued 121,641 common shares to company directors in lieu of cash fees, as per the Executive Chair and Director Fee Arrangements announced on July 4, 2024. The shares were calculated based on a US$75,000 conversion using an exchange rate of 1.3687 and a five-day VWAP of CAD$0.8439 per share. The shares were distributed among five insiders or their controlled companies. This transaction is considered a 'related party transaction' but is exempt from formal valuation and minority approval requirements under MI 61-101. The issued shares are subject to a four-month hold period.

Positive

• Directors accepting shares instead of cash fees may indicate confidence in the company's future
• The transaction aligns director interests with shareholders

Negative

• Issuance of new shares may lead to slight dilution for existing shareholders

News Market Reaction – PSRHF

+4.70%

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+4.70% News Effect

On the day this news was published, PSRHF gained 4.70%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

VANCOUVER, BC / ACCESSWIRE / August 2, 2024 / Pulsar Helium Inc. (TSXV:PLSR)(OTCQB:PSRHF) ("Pulsar" or the "Company") announces that the Company has issued to directors of the Company (the "Insiders") an aggregate 121,641 common shares ("Shares") in satisfaction of certain fees being settled in Shares in lieu of cash, pursuant to the Executive Chair and Director Fee Arrangements as announced on July 4, 2024.

A total of US$75,000 was converted into CAD$ using an exchange rate of 1.3687 and the number of Shares were then calculated using the five-day VWAP, prior to June 30, 2024, being CAD$0.8439 per Share.

The Shares were issued to Cambrian Limited ("Cambrian"), a company controlled by Neil Herbert, Jón Ferrier, Geoffrey Crow, Doris Meyer, and Garennes Ventures B.V. ("Garennes"), a company controlled by Brice Laurent, all Insiders of the Company, in the following proportions: Cambrian 40,547 Shares, Ferrier 20,274 Shares, Crow 19,260 Shares, Meyer 23,990 Shares and Garennes 17,570. There has not been a material change in the percentage of the outstanding securities of the Company that are individually or beneficially owned by the Insiders as a result of Shares being issued.

The participation by the Insiders in the securities for services is considered a "related party transaction" as defined for the purposes of Multinational Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The related party transaction is exempt from the formal valuation and minority approved requirements pursuant to sections 5.5(a)and 5.7(1)(a) of MI 61-101 respectively, as neither the fair market value of the contemplated securities being issued to the Insiders of the Company, nor the proceeds for such securities received by the Company will exceed 25% of the Company's market capitalization, as calculated in accordance with MI 61-101.

The Shares issued are subject to a four-month hold period from the date of issue. The fees were paid in accordance with the Executive Chair and Director Fee Arrangements approved by the disinterested shareholders on April 30, 2024 (see management information circular of Pulsar dated as of March 13, 2024), a copy of which is available on SEDAR+ (www.sedarplus.ca) under Pulsar's issuer profile.

About Pulsar Helium Inc.

Pulsar Helium Inc. is a publicly traded company listed on the TSX Venture Exchange with the ticker PLSR and on the OTCQB with the ticker PSRHF. Pulsar's portfolio consists of its flagship Topaz helium project in Minnesota, USA, that has been drilled and flowed up to 14.5% helium, USA and the Tunu helium project in Greenland. Pulsar is the first mover in both locations with primary helium occurrences not associated with the production of hydrocarbons identified at each. For further information visit https://pulsarhelium.com, follow us on X https://twitter.com/pulsarhelium?lang=en and LinkedIn https://ca.linkedin.com/company/pulsar-helium-inc.

On behalf Pulsar Helium Inc.
"Thomas Abraham-James"
President, CEO and Director

Further Information:
Thomas Abraham-James President,
CEO and Director Pulsar Helium Inc.
connect@pulsarhelium.com
+ 1 (604) 599-0310

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Pulsar Helium Inc.

View the original press release on accesswire.com

FAQ

How many shares did Pulsar Helium Inc. (PSRHF) issue to its directors?

Pulsar Helium Inc. issued a total of 121,641 common shares to its directors.

What was the value of the fees settled in shares by Pulsar Helium (PSRHF)?

The fees settled in shares amounted to US$75,000, which was converted to Canadian dollars at an exchange rate of 1.3687.

What was the share price used for calculating the number of shares issued by Pulsar Helium (PSRHF)?

The share price used was CAD$0.8439, which was the five-day Volume Weighted Average Price (VWAP) prior to June 30, 2024.

Are the shares issued by Pulsar Helium (PSRHF) subject to any holding restrictions?

Yes, the shares issued are subject to a four-month hold period from the date of issue.