Pulsar Helium shares rose 27% to 92.18p after the company confirmed further progress on its staged acquisition of Quantum Hydrogen, a subsidiary of Oscillate PLC, in an all-share transaction announced last year.
On 20 January, Pulsar issued 145,434 new shares to Oscillate to satisfy the third monthly tranche of its share-based payments, valued at US$80,000.
This follows two earlier tranches completed in December, with shares priced at average VWAPs (volume-weighted average prices) of C$0.7797, C$0.7543, and most recently C$0.7556.
Two further tranches are expected in the coming months, after which Pulsar will own 80% of Quantum.
Under the terms of the deal, Pulsar retains the option to acquire the remaining 20% of Quantum by May 2027 through additional share payments totalling US$400,000.
In a separate update, the company said 250,000 stock options were exercised at C$0.45, generating CAD$112,500 in proceeds.
All new shares (both consideration and option-related) are expected to begin trading on AIM on or around 26 January. Following admission, Pulsar’s total issued share capital will stand at just over 170.7 million shares. The company specialises in primary helium exploration and development.