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Pure Energy Minerals Completes Non-Brokered Private Placement
VANCOUVER, British Columbia, Sept. 28, 2017 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX VENTURE:PE) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) ann
About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia, Sept. 28, 2017 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX VENTURE:PE) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) announces that it has completed a non-brokered private placement of 2,325,000 Units at $0.50 per Unit, for total gross proceeds of $1,162,500. Each Unit consists of one common share and one-half share purchase warrant (“Warrant”). Each whole Warrant entitles the holder to acquire an additional common share at $0.75 per share for a two year period expiring September 26, 2019, subject to acceleration. If at any time between the date that is four months and one day from the closing of the Private Placement and the Expiry Date of the Warrant, the closing price of the Shares on the TSX Venture Exchange (the “Exchange”) is equal to or greater than $1.20 for 20 consecutive trading days, then the Company may, at its sole option, elect to provide notice (the “Acceleration Notice”) to the holders of the Warrants by news release that the Warrants will expire at 4:00 p.m. (Vancouver time) on the date that is 30 days from the date of the Acceleration Notice (the “Accelerated Expiry Date”). In such instance, all Warrants that are not exercised prior to the Accelerated Expiry Date will expire at 4:00 p.m. (Vancouver time) on the date that is 30 days from the date of the Acceleration Notice. Proceeds of the Private Placement will be used for general working capital and exploration and development activities on the Company’s Clayton Valley and Terra Cotta Projects. In connection with certain subscriptions under the Private Placement, the Company paid a cash commission of $48,475 and issued 96,950 Broker Warrants pursuant to and in accordance with applicable securities laws and Exchange policy. The Broker Warrants carry the same terms and conditions as the Warrants. 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’s current focus is on the development of the Clayton Valley (CV) Project in Esmeralda County, Nevada. Pure Energy also has a purchase option on a major new lithium brine project in the Lithium Triangle of South America, the Terra Cotta Project (“TCP”). The TCP is located on Pocitos Salar in Salta, Arge...