Pulsar Helium Inc on Monday said it has bought Michigan-focused gas exploration firm Hybrid Hydrogen Inc for $80,000.
The White Rock, Canada-based resource company targeting helium in the US and Greenland said the agreement supersedes the all-share structure of the deal that was previously announced in October.
Hybrid Hydrogen’s primary asset is an exclusive mineral rights option to lease covering around 5,742 gross acres in Michigan’s Upper Peninsula, targeting non-hydrocarbon gases, primarily helium.
Pulsar noted that the strategic acquisition marks its first entry into Michigan, which it said has a ‘well-established gas regulatory framework’ which is now being applied to helium exploration.
The firm noted that the ‘minimal cash outlay’ allows it to expand its asset base without ‘significantly impacting’ its treasury, so its resources remain focused on the Topaz helium project in Minnesota.
‘This is a remarkably low-cost entry into Michigan that strengthens our helium exploration portfolio,’ said Pulsar Chief Executive Officer Thomas Abraham-James.
‘The Michigan acreage is geologically analogous to our Topaz project, offering a technically familiar growth opportunity. For a modest price, we are expanding into an area where we can leverage our team’s existing expertise, all while staying true to our disciplined, helium-focused expansion strategy.’
Shares in Pulsar Helium were down 5.4% at 44.00 pence on Monday afternoon in London.
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