Invenir Ltd. & Skyfire Ltd. entered into a non-binding letter of intent to acquire Orsu Metals Corporation (TSXV:OSU) in a reverse merger transaction on May 23, 2022. Post deal completion, the existing shareholders of Orsu shall hold approximately 14% stake while the former shareholders of Invenir Ltd. and Skyfire Ltd. shall hold approximately 64.5% in combined company. Orsu shall conduct a concurrent private placement offering of Subscription Receipts to raise proceeds of at least CAD 5 million. The proceeds of the Concurrent Financing shall be placed in escrow until the deal closes. Orsu shall change its name to a name requested by Invenir and Skyfire and acceptable to applicable regulatory authorities, reconstitute the Board of Directors with nominees of Invenir and Skyfire and replace certain officers of Orsu on closing. It is anticipated that following completion of the transaction, the Resulting Issuer will be named Pulsar Helium Inc. and will qualify as a Tier 2 Industrial Issuer on the TSX Venture Exchange.

The completion of the transaction is subject to a number of conditions, including receipt of all necessary regulatory approvals, including shareholder approval if required, execution of related transaction documents, approval of the exchange and consummation of due diligence investigation, completion of a concurrent private placement offering to raise proceeds of at least CAD 5 million and disposition of the Orsu's existing Russian assets. The transaction is expected to close by June 30, 2022.