Business
Pure Energy Minerals Executes Second Convertible Note Offering and Completes Option Payment
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR IN
About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":" NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES. DENVER, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX VENTURE:PE) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) announces that, subject to regulatory approval, it has entered into a second Senior Convertible Promissory Note in the amount of US$75,000 (the “Note”) with a related party of the Company. The outstanding principal of the Note shall be paid to the Holder on or prior to the Maturity Date of November 15, 2019, unless previously prepaid or converted, at the option of the Holder, into fully paid and non-assessable shares at US$0.10 per share. The Note bears interest at the rate of 10% per annum, accruing daily and payable in installments on February 15, 2019, May 15, 2019, August 15, 2019 and at the Maturity Date of November 15, 2019, with the exception that the Company shall have the option to request that the Holder accept the issuance of the Company’s common shares in satisfaction of one quarterly payment of interest, whereupon the Holder will have the option to either accept the Company’s shares in satisfaction of the quarterly interest payment or to defer payment of that quarter’s interest until the next succeeding quarterly payment 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. If the Holder elects to defer payment, interest shall also accrue on the deferred interest amount at 10% per annum until paid. No finder’s fees are payable. Proceeds of the Note are being used to complete the US$75,000 payment due to GeoXplor Corporation and Clayton Valley Limited (the “Optionors”) under the terms of the Amended Option Agreement between Pure Energy and the Optionors (see Company news release of October 15, 2018). The next payment under the Amended Option Agreement is due from the Company to the Optionors by December 31, 2018. Currently, the Company does not have the funds to make this payment. The Company is act...