(RTTNews) – Pulsar Helium Inc. (PLSR.L, PLSR.V, PSRHF) announced that it has signed a non-binding term sheet with Oscillate plc to acquire up to 100% of Quantum Hydrogen Inc. in an all-share transaction. The term sheet includes a 120-day exclusivity period for the parties to execute a definitive agreement and Pulsar to complete its due diligence exercise.
Under the Oscillate term sheet, Pulsar will acquire 80% of the issued share capital of Quantum. The consideration will be satisfied entirely through the issuance of new Pulsar common shares, with no cash component. The share consideration will be equivalent to US$400,000, issued in five equal monthly tranches of US$80,000 each over a five-month period. Pulsar retains the right to acquire the remaining 20% of Quantum within 18 months for an additional US$400,000 in Pulsar shares, under the same terms and pricing mechanism.
Quantum holds exclusive mineral rights for non-hydrocarbon gases in Minnesota that are located in St Louis and Itasca Counties, to the west of Pulsar’s flagship Topaz project.
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