News out on Friday $1,500,00 PP and share consolidation.
March 21, 2014, Vancouver, BC – Pure Energy Minerals Limited (the “Company”) (TSX- V: PE)announces that the Board of Directors has approved a share consolidation (the “Consolidation”) based on a ratio of four (4) old shares for every one (1) new share. The Board of Directors has determined that in light of current market conditions, it is necessary for the Company to effect the Consolidation in order to access equity financing.
Pursuant to the Consolidation, the Company’s issued and outstanding share capital of 68,996,503 common shares without par value will be consolidated into 17,249,125 common shares without par value, every 4 existing common shares being consolidated into 1 new common share, with all resulting fractional shares being rounded down to the nearest whole number.
The Consolidation is subject to approval of the TSX Venture Exchange (the “Exchange”).
Subject to the completion of the Consolidation, the Company is proposing to conduct a non- brokered private placement (the “Private Placement”) of up to 15,000,000 million units of the Company (each a “Unit”) at a price of $0.10 per Unit to raise gross proceeds of up to $1,500,000. Each Unit will consist of one common share of the Company, and one transferable share purchase warrant (a “Warrant”). Each Warrant shall be exercisable to acquire one additional common share of the Company for a period of two years at a price of $0.15 per common share. The Warrants will have an acceleration provision pursuant to which the term of the Warrants shall automatically be reduced to 30 business days in the event the common shares of the Issuer trade at $0.30 or more for 21 consecutive trading days.
The Private Placement is subject to Exchange approval.
All securities issued under the Private Placement will be subject to a four-month hold period from the date of issuance.
The Company may pay a finder’s fee in accordance with the policies of the TSX Venture Exchange and applicable securities legislation. The Private Placement is subject to regulatory approval.
The proceeds of the Private Placement will be used to the Company’s prospective lithium brine properties located in Esmeralda County, Nevada, USA and for general working capital.
ON BEHALF OF THE BOARD
PURE ENERGY MINERALS LIMITED
“Robert Mintak”
Chief Executive Officer
For further information contact:
Robert Mintak www.pureenergyminerals.com (604) 608-6611
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.