Monday, 08 September 2014 06:55 PM
VANCOUVER, BC / ACCESSWIRE / September 8, 2014 / Pure Energy Minerals Limited (the "Company") (TSX-V: PE) is pleased to announce that it has closed its over-subscribed non-brokered private placement financing, announced by news release August 19, 2014 (the "Private Placement"), for gross proceeds of $990,000 by the issuance of 9,900,000 units at $0.10 per unit (each a "Unit").
Each Unit consists of one common share of the Company and one transferable share purchase warrant (a "Warrant"). Each Warrant is exercisable to acquire one additional common share of the Company for a period of three years at a price of $0.15 per common share. In the event that the volume weighted average closing price of the Company's common shares on the TSX Venture Exchange is $0.35 or more for 21 consecutive trading days at any time subsequent to the expiry of six months from the date of issuance of the Warrants, then the Company will earn the right, by providing notice (the "Warrant Notice") to the Warrant holders, to accelerate the expiry date of the Warrants to the date which is 30 days from the date of the Warrant Notice.
All securities issued under the Private Placement are subject to a four-month hold period from the date of issuance. In connection with the Private Placement the Company paid a total cash commission of $25,165. The Company also issued non-transferable finder's warrants to purchase 6,650 common shares of the Company for a period of three years, exercisable at a price of $0.15 per common share, subject to the same acceleration provisions as the Warrants.
The proceeds of the Private Placement will be used for the Company's prospective lithium brine properties located in Esmeralda County, Nevada, USA and for general working capital.
ON BEHALF OF THE BOARD
We Seek Safe Harbour. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
PURE ENERGY MINERALS LIMITED
"Robert Mintak"
Chief Executive Officer
For further information contact:
Robert Mintak
www.pureenergyminerals.com
(604) 608-6611
SOURCE: Pure Energy Minerals Limited