TSXV:PTU - Post Discussion
Post by
omylord on Dec 15, 2021 4:12pm
news
Purepoint closes $1.31M first tranche of financing
2021-12-15 15:29 ET - News Release
Mr. Chris Frostad reports
PUREPOINT URANIUM CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Purepoint Uranium Group Inc. has closed the first tranche of a non-brokered private placement of 9,393,943 flow-through units at a price of 14 cents per unit for aggregate gross proceeds of $1,315,012.02. Each flow-through unit consists of one common share in the capital of the company, to be issued on a flow-through basis pursuant to the Income Tax Act (Canada), and one-half common share purchase warrant. Each warrant entitles its holder to purchase one common share in the capital of the company at an exercise price of 20 cents for a period of 24 months from the date of issue. The closing is subject to final acceptance by the TSX Venture Exchange.
In connection with the closing of the first tranche, the company paid certain finders' fees, consisting of $75,000.72 and 535,719 non-transferable compensation warrants. Each compensation warrant entitles its holder to purchase one common share in the capital of the company at an exercise price of 20 cents for a period of 24 months after the date of issue.
The net proceeds of the private placement will be used to advance the company's exploration program in Saskatchewan. All securities issued in connection with the first tranche closing of the private placement are subject to a four-month hold period, pursuant to the applicable securities laws, with an expiry date of March 15, 2022.
About Purepoint Uranium Group Inc.
Purepoint Uranium Group actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano, and a second joint venture with Cameco at Smart Lake, Purepoint also holds 10 100-per-cent-owned projects with proven uranium-rich targets. With an aggressive exploration program under way on multiple projects, Purepoint is emerging as the pre-eminent uranium explorer in the world's richest uranium district.
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