Funding of $12.5 million in the form of an 'expression of interest' is procured by Pulsar Helium for the development of the Topaz project.

In the current digital age, Pulsar Helium, a gas company, is making significant strides in its plans to construct the Topaz project in Minnesota. The company has announced that it has received $12.5 million in expression of interest financing from Michigan-based University Bank. This financing will aid in the construction of the Topaz project.

University Bank's continued support is an important step towards delivering the Topaz project into production, according to Pulsar Helium's President & CEO, Thomas Abraham-James. The financing comes with an annual interest rate of 12% and specific repayment terms.

In addition to this, Pulsar Helium has also announced a planned private placement to raise up to GBP 5 million to support further development and drilling at the Topaz project.

Meanwhile, University Bancorp currently holds 4.9% of Pulsar Helium's issued share capital. The institution has also extended the maturity date of its $4 million project financing facility line of credit to Keewaydin Resources, a subsidiary of Pulsar Helium, from March 31, 2026, to November 30, 2026. The extension comes with a 0.75% extension fee on the current drawn amount of $2.5 million ($18,750), payable at maturity.

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Funding of $12.5 million in the form of an 'expression of interest' is procured by Pulsar Helium for the development of the Topaz project.