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Pure Energy Announces $5 Million Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 21, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES P
About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 21, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Pure Energy Minerals Limited (TSX VENTURE:PE)(FRANKFURT:A111EG)(OTCQB:HMGLF) (the \"Company\" or \"Pure Energy\") announced that it has entered into a letter of engagement with Dundee Securities Ltd. (the \"Lead Agent\") on behalf of a syndicate of agents (the \"Agents\") under which the Agents have agreed to offer for sale up to approximately 8,333,333 units of the Company (the \"Units\"), on a \"best efforts\" private placement basis, subject to all required regulatory approvals, at a price per Unit of $0.60 (the \"Offering Price\"), for total gross proceeds of up to approximately $5,000,000 (the \"Offering\"). Each Unit shall consist of one common share of the Company (a \"Share\") and one full common share purchase warrant (a \"Warrant\"). Each Warrant shall entitle the holder thereof to acquire one Share at a price of $0.80 for a period of 24 months following the closing of the Offering. In the event that the closing sale price of the Company's Shares on the TSX Venture Exchange is greater than $1.20 per Share for a period of 20 consecutive trading days at any time after the closing of the Offering, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company. The Agents have the option to offer for sale up to an additional 15% of the Units sold under and on the same terms as the Offering at any time until 48 hours prior to the closing date of the Offering. The Company intends to use the net proceeds of the Offering for exploration and engineering work on the Clayton Valley South Project, working capital and general corporate purposes. On successful completion of the Offering, the Agents will receive a 6.0% cash commission and that number of compensation warrants equal to 6.0% of the number of Units sold pursuant to the Offering. Each compensation warrant will be exercisable into one common share at the Offering Price for a period of 24 months following the closing of the Offering. The closing of the Offering is expected to occur on or about July 13, 2016 and is subject to the completion of formal documentation and...