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Pure Energy Minerals Announces US$400,000 Convertible Note Offering
Vancouver, British Columbia--(Newsfile Corp. - February 19, 2019) - Pure Energy Minerals Limi...
About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":"Pure Energy Minerals Announces US$400,000 Convertible Note OfferingVancouver, British Columbia--(Newsfile Corp. - February 19, 2019) - Pure Energy Minerals Limited (TSXV: PE) (OTCQB: PEMIF) (the \"Company\" or \"Pure Energy\") announces that it will undertake a private placement offering (the \"Offering\") of a US$400,000 Senior Convertible Promissory Note (the \"Note\") with a placee unrelated to the Company (the \"Holder\"). The outstanding principal of the Note shall be paid to the Holder on or prior to the maturity date of February 19, 2020, unless previously prepaid by the Company or converted, at the option of the Holder, into fully paid and non-assessable shares at Cdn$0.10 per share. Pursuant to the Offering, the Note will bear interest at the rate of 13.95% per annum, compounded monthly and payable in arrears on the maturity 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 less than the Market Price of the Company's shares at the time the accrued interest becomes payable. The Company has the right, under certain conditions, to prepay the outstanding principal and accrued interest under the Note two months after the closing of the Offering. A finder's fee is payable in the amount of 6% of the Offering in cash.Any shares issued upon conversion of the principal amount of the Note and any accrued interest will be subject to certain resale restrictions, including a restricted (or \"hold\") period of four months following the distribution date, under applicable Canadian securities legislation.The Company intends to use the proceeds from the Offering to make certain property payments and for general corporate purposes.About Pure Energy Minerals LimitedPure Energy Minerals is a lithium resource developer that is driven to become a low-cost supplier for the growing lithium battery industry. The Company is developing the Clayton Valley Project (\"CV Project\") in Clayton Valley, Nevada. Pure Energy has developed core strengths in innovative development and processing technologies for lithium brines and lithium mineral deposits. Key attributes and activities include:A large, strategic land position with excellent infrastruct...