07:22 AM EDT, 10/27/2025 (MT Newswires) -- Pulsar Helium ( PSRHF ) Monday said it has signed a non-binding term sheet to acquire 100% of Hybrid Hydrogen in an all-share deal, marking Pulsar's entry into Michigan.

Hybrid's primary asset is a lease agreement for 6,742 acres of mineral rights in Michigan's Upper Peninsula targeting non-hydrocarbon gases. Pulsar said the mineral rights will provide a foothold in a geologically prospective new region for helium exploration.

Michigan has a well-established gas regulatory framework that is now being applied to helium exploration. The deal is also part of Pulsar's efforts to expand its Upper Midwest footprint.

The transaction is structured as an all-share deal with a total value of US$80,000 payable in Pulsar common shares. The structure preserves cash for ongoing work at the Topaz project in Minnesota, as well as further strategic expansion, the company said.

Deal completion is subject to customary conditions, including negotiation of a definitive acquisition agreement, due diligence and receipt of regulatory and shareholder approvals, including from the TSX Venture Exchange.

Pulsar's share price at last look gained 3.4% in early London trading Monday.