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Pure Energy Minerals Completes Final Tranche of Private Placement for Total Gross Proceeds of $5.5 Million
DENVER, Feb. 06, 2018 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX-V:PE) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) announces that it has now compl
About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":"DENVER, Feb. 06, 2018 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX-V:PE) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) announces that it has now completed the second tranche of the private placement offering announced on December 14, 2017. The Company has issued an additional 5,820,000 Units priced at $0.40 per Unit for additional gross proceeds of $2,328,000. The total number of Units issued from both tranches of the offering was 13,745,000 for total gross proceeds of $5,498,000. Each Unit consists of one common share and one share purchase warrant, exercisable to acquire one common share for a period of 36 months at a price of $0.55 per share, provided that if the closing price of the common shares on the Exchange is equal to or greater than $1.10 per common share for a period of 20 consecutive trading days, the Issuer may accelerate the expiry date of the Warrants by giving notice to the holders thereof, and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company. The shares, warrants, and any shares issued on exercise of the warrants are subject to a 4-month hold period and may not be traded before June 7, 2018. Canaccord Genuity Corp. acted as the lead agent and sole book runner for a syndicate of agents (the “Agents”) including Red Cloud Klondike Strike Inc. and Beacon Securities Limited. In connection with the second tranche, the Company paid the Agents a 2.0% cash commission of the aggregate proceeds. The Company also issued to the Agents warrants (the “Broker Warrants”) associated with the second tranche, which are exercisable at any time from the Closing Date to the day prior to the date that is 36 months from the Closing Date, to acquire in aggregate 116,400 common shares exercisable at the Issue Price. The Broker Warrants and any shares issued on exercise of the Broker Warrants are subject to a 4-month hold period and may not be traded before June 7, 2018. The proceeds of the Offering will be used to advance the Company’s Clayton Valley and Terra Cotta Projects, as well as for general corporate purposes. About Pure Energy Minerals Limited Pure 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”) i...