Purepoint Uranium Group Inc. Closes Final Tranche of Private Placement
- S&P 500, Nasdaq notch biggest weekly losses since March
- S&P 500 could end the year over 10% higher from here - Piper Sandler
- Citi says Meta shares to rally in near term on share gains, upcoming AI event
- Ads are coming to Amazon Prime Video next year; Stock pops
- 'Sell the last rate hike' strategy is in action, stocks could fall further - BofA's Hartnett
Toronto, Ontario--(Newsfile Corp. - December 31, 2021) - Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to announce the closing of the final tranche of the previously announced non-brokered private placement (the "Private Placement"). Together with the first tranche of the Private Placement, the Company issued a total of 10,107,643 flow-through units for aggregate gross proceeds of $1,415,070. 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 of one 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 $0.20 per share for a period of 24 months from the date of issue.
Together with the first tranche of the Private Placement, the Company paid finders' fees consisting of a total of $81,004.20 in cash and issued a total of 578,601 non-transferrable compensation warrants. Each compensation warrant entitles 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 after the date of issuance.
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 final 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 April 30, 2022.
The Company today approved the issuance of a total of 5,800,000 options to its directors, officers and certain staff members pursuant to the Company's stock option plan. Each of the options is exercisable 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 from the date of grant.
About Purepoint Uranium Group Inc.
Purepoint Uranium Group Inc. 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 ten, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent 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. Such forward-looking information can 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 actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
For more information, please contact:
Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: [email protected]
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Not for Dissemination in the United States or through U.S. Newswire Services
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108803
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Vector Space Biosciences (SBIO) Is Now Available for Trading on LBank Exchange
- Flash News: OKX Wallet Integrated with Davos Protocol
- United States Mint Director Ventris C. Gibson Participates in the Biennial On the Hill Legislative Summit
Create E-mail Alert Related CategoriesNewsfile, Press Releases
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!