Purepoint Uranium Group Inc. closes final tranche of C $ 1.42 million private placement
Toronto, Ontario – (Newsfile Corp. – December 31, 2021) – Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) (“Pure point“or the”Society“) is pleased to announce the closing of the last tranche of the previously announced non-brokered private placement (the”Private placement“). With the first tranche of the private placement, the Company issued a total of 10,107,643 flow-through units for total gross proceeds of $ 1,415,070. Each flow-through unit consists of one common share of the capital of the Company to be issued on a “transfer” basis in accordance with the Income Tax Act (Canada) and one-half common share purchase warrant. Each warrant allows its holder to purchase one common share in the capital of the Company at an exercise price of $ 0.20 per share for a period of 24 months from the date of issue.
With the first tranche of the Private Placement, the Company paid finder’s fees totaling $ 81,004.20 in cash and issued a total of 578,601 non-transferable indemnification warrants. Each compensation warrant allows its holder to purchase one common share in the capital of the Company at an exercise price of $ 0.20 per share for a period of 24 months following 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 closing of the last tranche of the private placement are subject to a four-month holding period in accordance with applicable securities laws with an expiration date of April 30, 2022.
Granting of options
The Company today approved the issuance of a total of 5,800,000 options to its directors, officers and certain members of staff under the Company’s stock option plan. Each of the options may be exercised to acquire one (1) common share of the Company at a price of $ 0.095 per share and expires on the date that is five years after the grant date.
About Purepoint Uranium Group Inc.
Purepoint Uranium Group Inc. is actively operating an exploration pipeline of 12 advanced projects in the Athabasca Basin in Canada. In addition to its flagship joint venture project at Hook Lake with its partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also owns ten 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on several projects, Purepoint is emerging as the leading uranium explorer in the world’s richest uranium district.
Disclosure Regarding Forward-Looking Statements
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. This forward-looking information may include, without limitation, statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause the actual results and the plans and objectives of the Company to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in this information. These subsequent written and oral forward-looking information and all subsequent forward-looking information are based on management’s estimates and opinions on the dates on which they are made and expressly qualified in their entirety by this notice.
For more information please contact:
Chris Frostad, President and CEO
Telephone: (416) 603-8368
Neither the Bourse nor its regulatory services provider (as that term is defined in the policies of the Bourse) accepts responsibility for the adequacy or accuracy of this press release.