NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
VANCOUVER, BC – (28 September, 2017) – Pure Energy Minerals Limited (TSX VENTURE: PE) (OTCQB: PEMIF) (the “Company” or “Pure Energy”) announces that it has completed a non-brokered private placement of 2,325,000 Units at $0.50 per Unit, for total gross proceeds of $1,162,500. Each Unit consists of one common share and one-half share purchase warrant (“Warrant”). Each whole Warrant entitles the holder to acquire an additional common share at $0.75 per share for a two year period expiring September 26, 2019, 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 at 4:00 p.m. (Vancouver time) on the date that is 30 days from the date of the Acceleration Notice.
Proceeds of the Private Placement will be used for general working capital and exploration and development activities on the Company’s Clayton Valley and Terra Cotta Projects.
In connection with certain subscriptions under the Private Placement, the Company paid a cash commission of $48,475 and issued 96,950 Broker Warrants pursuant to and in accordance with applicable securities laws and Exchange policy. The Broker Warrants carry the same terms and conditions as the Warrants.
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.
Pure Energy has developed core strengths in innovative development and processing technologies for lithium brines and lithium mineral deposits. Key attributes and activities include:
- A large, strategic land position with excellent infrastructure in a first-class mining jurisdiction: approximately 10,000 hectares (25,000 acres) in Clayton Valley, Esmeralda County, Nevada, located a 3-hour drive from the Gigafactory;
- An inferred mineral resource of approximately 247,000 tonnes of LiOH∙H2O (218,000 tonnes of LCE) at an average grade of 123 mg/L lithium;
- The only lithium brine resource in North America to yield a positive Preliminary Economic Assessment including after-tax NPV (8% discount) of US $264 million and an IRR of 21%;
- Advanced metallurgical testwork demonstrating the improved efficacy of a new environmentally responsible lithium processing technology that produces low-cost battery grade lithium hydroxide;
- A new early stage exploration program on the 13,000-hectare (32,000 acre) Terra Cotta Project (TCP), located on Pocitos Salar in Salta Province; and
- An active business development program, applying Company expertise to the evaluation of new lithium targets around the world.
On behalf of the Board of Directors,
Chief Executive Officer
Pure Energy Minerals Limited (www.pureenergyminerals.com)
Telephone – 604 608 6611, ext 7
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, but are not limited to: changes in world commodity markets, equity markets, changes in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future financing activities, exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. 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