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Pure Energy Minerals Limited Announces Approval of the Earn-In for the Clayton Valley Lithium Project and Closing of the Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2019) - Pure Energy Minerals Limited ...
About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":"Pure Energy Minerals Limited Announces Approval of the Earn-In for the Clayton Valley Lithium Project and Closing of the Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 30, 2019) - Pure Energy Minerals Limited (TSXV: PE) (the \"Company\" or \"Pure Energy\") is pleased to report that the previously announced Earn-In Agreement with Schlumberger Technology Corporation (\"STC\") for the development of the Clayton Valley Project in Nevada (the \"Transaction\") has become effective. In connection with the Transaction, the Company received requisite approval from its shareholders. (See news release of May 1, 2019).Concurrent with the effectiveness of the Transaction, the Company has completed the previously announced private placement (the \"Private Placement\") with Schlumberger Canada Limited (\"SCL\") for 32,431,737 common shares of the Company at a price of C$0.0615 per common share for gross proceeds of US$1,500,000 with a 6% cash commission payable to an arm's-length party on closing of the Private Placement. In addition, SCL has concurrently converted its US$400,000 convertible note dated February 20, 2019 issued by the Company (the \"Note\") for 5,523,707 common shares of the Company. Following the Private Placement and the conversion of the Note, SCL holds approximately 19.9% of the common shares of the Company. \"Pure Energy Minerals is exceptionally proud to announce the approval of the Transaction with Schlumberger for the development of its Clayton Valley lithium brine property,\" stated Mary Little, Pure Energy Minerals' director. \"The Transaction results in minimal dilution to Pure Energy shareholders and provides ongoing funding for the Company. As lithium products are a high per-unit value commodity, our future NSR and advance royalty structure will create significant value going forward. Finally, we believe this positive development has potential to benefit companies active in the Clayton Valley region for years to come.\" About Pure Energy MineralsPure Energy Minerals is a lithium resource developer that is driven to become a low-cost supplier for the growing lithium battery industry. Pure Energy has consolidated a pre-eminent land position at its Clayton Valley Project in the Clayton Valley of central Nevada for the exploration and development of lithium resources, comprising 948 claims over 23,...