Business
Purepoint Uranium Announces Private Placement
Toronto, Ontario--(Newsfile Corp. - November 27, 2023) - Purepoint Uranium Group Inc. (TSXV: PTU)...
About this update from Purepoint Uranium Group Inc.
[{"type":"text","content":"Purepoint Uranium Announces Private PlacementToronto, Ontario--(Newsfile Corp. - November 27, 2023) - Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) (\"Purepoint\" or the \"Company\") announced a non-brokered private placement (the \"Offering\") of up to 47,619,048 flow-through units (the \"Flow-Through Units\") at a price of $0.0525 per unit for aggregate gross proceeds up to $2,500,000. Each Flow-Through Unit consists of one common share of the Company to be issued on a \"flow through\" basis pursuant to the Income Tax Act (Canada) (each a \"Flow-Through Share\") and one common share purchase warrant. Each warrant entitles its holder to purchase one common share of the Company (each a \"Warrant Share\") at an exercise price of $0.07 per share for a period of 24 months from the date of issuance. The net proceeds of the Offering will be used for the exploration and advancement of the Company's projects in the Athabasca Basin, Saskatchewan. The gross proceeds of the Flow-Through Shares sold under the Offering will be used for Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)) which qualify as a \"flow-through critical mineral mining expenditure\" for purposes of the Income Tax Act (Canada) related to the exploration program of the Company to be conducted on the Company's properties located in the Province of Saskatchewan. The Company will renounce such Canadian Exploration Expenses with an effective date of no later than December 31, 2023. The Canadian Exploration Expenses to be renounced by the Company will qualify for the critical mineral exploration tax credit under the Income Tax Act (Canada). In connection with the Offering, the Company has agreed to pay to certain finders facilitating the Offering including Red Cloud Securities Inc. (collectively, the \"Finders\"), a cash commission equal to 6% of the gross proceeds of the Offering raised through the Finders and issue to the Finders non-transferrable compensation warrants (the \"Compensation Warrants\") to purchase in aggregate such number of common shares of the Company (the \"Compensation Warrant Shares\") as equal to 6% of the number of Flow-Through Units sold through the Finders under the Offering. Each Compensation Warrant entitles its holder to purchase one Compensation Warrant Share at an exercise price of $0.0525 per share for...