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Pure Energy Minerals Enters Into Agreements With Lithium X to Expand Clayton Valley Properties; Receives $2 Million Strategic Investment
VANCOUVER, British Columbia, May 11, 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 11, 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 entered into a series of agreements with Lithium X Energy Corp (“Lithium X”), GeoXplor Corp. (“GeoXplor”), and Clayton Valley Lithium Inc. (“CVL”, together with GeoXplor, the “Optionors”) to acquire 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 26,300 acres in Esmeralda County. The LIX Claims are held by three wholly owned subsidiaries of Lithium X. Pure Energy will acquire the three subsidiaries by issuing to Lithium X 20,038,182 common shares (the “Consideration Shares”) and 2,022,290 common share purchase warrants (the “Consideration Warrants”), under terms and subject to certain conditions that are detailed below. Lithium X has also agreed to make a strategic investment into Pure Energy of $2 million; the companies have entered into a subscription agreement whereby Lithium X has agreed to acquire 3,571,428 units of the Company (“Units”) at a price of $0.56 per Unit (being a 9.8% premium to the Company’s closing price on May 10, 2017, 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”). Pure Energy has also entered into a new option agreement (the “Option Agreement”) with the Optionors that will supersede and terminate pre-existing option agreements with Pure Energy and Lithium X. Pursuant to the Option Agreement, Pure Energy assumes operatorship on the properties and will have the option to acquire a 100% interest in 359 unpatented mineral claims covering approximately 10,000 acres (the “Optioned Claims”) in Clayton Valley for cash and share payments as detailed below. Completion of the Acquisition, the Investment, and the Option Agreement remain subject to the approval of the TSX Venture Exchange (“TSXV”). Highlights of the Transactions Consolidates dominant land positions in North America’s only productive lithium district- Surrounds Albemarle’s Silver Pe...