VANCOUVER, British Columbia, Sept. 13, 2017 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX VENTURE:PE) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) announces that it intends to undertake a non-brokered private placement (the “Private Placement”) for total gross proceeds of up to $1,500,000 subject to a 20% over-allotment option. Proceeds of the Private Placement will be used for general working capital and exploration and development activities on the Clayton Valley and Terra Cotta Projects. The Private Placement will consist of up to 3,000,000 units (excluding any over-allotment) of the Company (each a “Unit”) at a price of $0.50 per Unit. Each Unit will consist of one common share of the Company (a “Share”) and one-half Share purchase warrant (each whole such warrant, a “Warrant”).
Each whole Warrant will entitle the holder thereof to acquire one Share at a price of $0.75 for a period of 24 months following closing of the Private Placement (the “Expiry Date”), 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 on the Accelerated Expiry Date.
In connection with certain subscriptions under the Private Placement, the Company may pay a cash commission and issue finder warrants pursuant to and in accordance with applicable securities laws and Exchange policy. The Private Placement is subject to the acceptance of the Exchange.
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, Argentina, where it enjoys some of the best infrastructure and access of any lithium brine exploration project in Argentina.
