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Pure Energy Minerals Closes Acquisition of Clayton Valley Properties and $2 Million Strategic Investment From Lithium X
VANCOUVER, British Columbia, May 31, 2017 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX-V:PE) (FRANKFURT:A111EG) (OTCQB:PEMIF) (the “Company” or “Pure E
About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia, May 31, 2017 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX-V:PE) (FRANKFURT:A111EG) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) is pleased to announce that it has closed its previously announced transactions with Lithium X Energy Corp (“Lithium X”), GeoXplor Corp. (“GeoXplor”), and Clayton Valley Lithium Inc. (“CVL”, together with GeoXplor, the “Optionors”) and has acquired Lithium X’s interest in 756 unpatented mineral claims covering approximately 15,000 acres (the “LIX Claims”) in Clayton Valley, Nevada (the “Acquisition”). With the addition of the LIX Claims, Pure Energy will have an interest in 1,104 unpatented mineral claims covering approximately 26,000 acres in Esmeralda County, now dubbed the Clayton Valley Lithium Brine Project (“CV Project”). Highlights of the Transactions Consolidates dominant land positions in North America’s only productive lithium district Surrounds Albemarle’s Silver Peak Lithium Mine on the north and south Control of >26,000 acres of Federal mining claims Adds new exploration targets with demonstrated lithium brine in Clayton Valley north Resource growth potential only 1.1km west of newly identified CV-8 higher grade brine Significantly decreases royalties on many Clayton Valley south claims Reduces costs of exploration by assuming operatorship over the entire expanded project Acquisition includes 100% ownership of >9,500 acres of mining claims at Clayton Valley west Strengthens Pure Energy board with the addition of Bassam Moubarak from Lithium X In order to complete the Acquisition, Pure Energy issued to Lithium X 20,038,182 common shares (the “Consideration Shares”) and 2,022,290 common share purchase warrants (the “Consideration Warrants”). Lithium X also completed a $2 million strategic investment in Pure Energy pursuant to which the Company issued 3,571,428 units (“Units”) at a price of $0.56 per Unit (the “Investment”). Each Unit is comprised of one common share (an “Investment Share”) and one-half of one common share purchase warrant (each whole warrant, an “Investment Warrant”). Each Consideration Warrant and each Investment Warrant is exercisable to acquire one common share at an exercise price of $0.75 per common share for a period of 3 years, provided that, subject to certain restrictions, Pure Energy may ac...