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Pure Energy Announces Final Terms of $5 Million Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 11, 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 - July 11, 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 finalized the terms of its previously-announced private placement financing, led by Dundee Securities Ltd. (the \"Lead Agent\") on behalf of a syndicate of agents (the \"Agents\"). The Agents have agreed to offer for sale up to approximately 9,090,909 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 $0.55 (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 additional Share at a price of $0.80 for a period of 36 months following the closing of the Offering. 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 by them pursuant to the Offering. Each compensation warrant will be exercisable into one common share at the Offering Price. The closing of the Offering is expected to occur on or about July 20, 2016 and is subject to the completion of formal documentation and receipt of regulatory approvals, including the approval of the TSX Venture Exchange. Subscribers will be subject to a statutory hold period that extends four (4) months plus one (1) day from the closing date of the Offering. The Offering is subject to the acceptance of the TSX Venture Exchange. The securities offered have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offe...