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Pure Energy Closes Oversubscribed $6.16M Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 20, 2016) - Pure Energy Minerals Limited (...
About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":"Pure Energy Closes Oversubscribed $6.16M Private PlacementVancouver, British Columbia--(Newsfile Corp. - July 20, 2016) - Pure Energy Minerals Limited (TSXV: PE) (FSE: A111EG) (OTCQB: HMGLF) (the \"Company\" or \"Pure Energy\") is pleased to announce the closing of its previously announced best efforts private placement of Units (the \"Offering\"), for aggregate gross proceeds of $6,161,046. Including the full exercise of the over-allotment option, the Company issued a total of 11,201,902 Units at a price of $0.55 per Unit. The Offering was brokered by a syndicate led by Dundee Securities Ltd., and including Echelon Wealth Partners Inc. and Haywood Securities Inc. (collectively, the \"Agents\"). The Company intends to use the net proceeds of the Offering for exploration and engineering work on the Clayton Valley South (\"CVS\") Project, working capital and general corporate purposes.\"We appreciate the vote of confidence from the investors, Agents and the extended team who helped us close this offering on an oversubscribed basis. It is a pleasure to welcome these strong new shareholders into Pure Energy Minerals. Empowered by this capital infusion, we turn our attention to delivering the next milestones at our CVS Lithium Brine Project. Our dedicated team is well on its way to completing the underlying work necessary for the preliminary economic assessment (PEA) expected later this year,\" stated Patrick Highsmith, CEO of Pure Energy.Further to the Company's news release dated July 11, 2016, each \"Unit\" issued under the Offering is comprised of one common share of the Company (each a \"Share\") and one Share purchase warrant (a \"Warrant\"). Each Warrant is exercisable to acquire one Share at an exercise price of $0.80 for a period of 36 months from closing of the Offering. On closing of the Offering the Agents were paid a commission comprised of a cash fee in the amount of $322,915, and an aggregate total of 575,910 Agents' warrants. Each Agents' warrant is exercisable to acquire one Share at a price of $0.55 for a period of 36 months from closing of the Offering. All securities issued under the Offering, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from closing of the Offering.The securities sold under the Offering have not been, and will not be, registered ...