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Pure Energy Minerals Announces US$225,000 Convertible Note Offering
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About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":" NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES. DENVER, Colo., Aug. 09, 2018 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX VENTURE:PE) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) announces that it will undertake a private placement offering (the “Offering”) of a Senior Convertible Promissory Note (the “Note”) with a related party of the Company. The outstanding principal of the Note shall be paid to the Holder on or prior to the Maturity Date of October 4, 2019, unless previously prepaid or converted, at the option of the Holder, into fully paid and non-assessable shares at US$0.10 per share. Pursuant to the Offering, if the principal amount of the Note is prepaid on or before February 15, 2019, no prepayment penalty will be payable. If the principal amount of the Note is prepaid from February 16, 2019 through June 30, 2019, a prepayment penalty of 3% of the principal amount will be payable. If the principal amount of the Note is prepaid from July 1, 2019 through August 31, 2019, a penalty of 2% of the principal amount will be payable. If the principal amount of this Note is prepaid from September 1, 2019 through September 30, 2019, a penalty of 1% of the principal amount will be payable. At the option of the Holder, any prepayment penalty may also be converted to shares of the Company. Pursuant to the Offering, the Notes will bear interest at the rate of 10% per annum, accruing daily and payable in installments on November 15, 2018, February 15, 2019, May 15, 2019, August 15, 2019 and at the Maturity Date of October 4, 2019, with the exception that the Company shall have the option to request that the Holder accept the issuance of the Company’s common shares in satisfaction of one quarterly payment of interest, whereupon the Holder will have the option to either accept the Company’s shares in satisfaction of the quarterly interest payment or to defer payment of that quarter’s interest until the next succeeding quarterly payment date. If the Holder elects to receive shares in satisfaction of the payment, pursuant to the policies of the TSX Venture Exchange, the number and terms of any securities issued to pay such accrued interest shall be based upon a price per security that is not le...