VANCOUVER, British Columbia, May 08, 2017 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX VENTURE:PE) (FRANKFURT:A111EG) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) announces that it has closed a non-brokered private placement announced by news release dated March 28, 2017 (the “Private Placement”) for gross proceeds of $1,072,000 by the issuance of 2,144,000 units (each a “Unit”) of the Company at a price of $0.50 per Unit.
Each Unit consists of one common share (a “Share”) of the Company and one-half Share purchase warrant (each whole such warrant a “Warrant”). Each Warrant shall be exercisable to acquire one additional common share of the Company for a period of 24 months from closing of the Private Placement (the “Expiry Date”) at a price of $0.75 per Share provided that, if at any time between the Expiry Date and the date that is four months and one day from the closing of the Private Placement, the closing price of the Company’s Shares on the TSX Venture Exchange is equal to or greater than $1.25 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.
All securities issued under the Private Placement are subject to a four-month hold from the date of issuance.
In connection with the Private Placement the Company paid a total cash commission of $33,075. The Company also issued a non-transferable finder’s warrant to purchase 66,150 Shares of the Company for a period of 24 months, exercisable at a price of $0.75 per Share.
Net proceeds from the Private Placement will be used for general working capital and exploration and development activities on the Clayton Valley South and Terra Cotta Projects.
About Pure Energy Minerals Ltd.
Pure Energy is a lithium resource developer that is driven to become a low-cost supplier for the burgeoning lithium battery industry. The Company is currently focused on the development of the Clayton Valley South Lithium Brine Project (“CVS Project”) and the adjoining Glory Lithium Clay Project in Clayton Valley, Nevada. Pure Energy also recently announced the acquisition of 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 the country.
Pure Energy has developed core strengths in innovative development and processing technologies for lithium brines and lithium mineral deposits. The Company’s key attributes and activities include:
- Generating positive results on a large land position with excellent infrastructure in a first-class mining jurisdiction: approx. 11,000 acres in four main claim groups in Clayton Valley, Esmeralda County, Nevada;
- The only lithium brine resource in North America except for its neighbor, which is the only producing lithium operation in the United States (Albemarle’s Silver Peak lithium brine mine);
- An inferred mineral resource containing approximately 816,000 metric tonnes of Lithium Carbonate Equivalent (LCE) at an average grade of approximately 102 mg/L lithium, reported in accordance with NI 43-101 (see July 2015 Inferred Resource Report);
- An advanced program of testing the efficacy and economics of modern environmentally-responsible processing technologies to convert the CVS brines into high purity lithium products for new energy storage uses;
- A new early stage exploration program on the 13,000 hectare Terra Cotta Project, located on Pocitos Salar in Salta Province; and
- An active business development program, applying its expertise to the evaluation of new lithium targets around the world.
On behalf of the Board of Directors,
“Patrick Highsmith”
Chief Executive Officer
Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release may include statements regarding future exploration programs and operation plans. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.