Pure Energy Minerals Announces Increase in Private Placement and Renewal of Advisory Services Agreement with Luscar International Ltd.
PURE ENERGY MINERALS LIMITED
#1780- 355 Burrard Street Vancouver, BC V6C 2G8 Tel: 604 608-6611 Fax: 604 608-6620
PURE ENERGY MINERALS ANNOUNCES INCREASE IN PRIVATE PLACEMENT AND RENEWAL OF ADVISORY SERVICES AGREEMENT WITH LUSCAR INTERNATIONAL LTD.
November 21, 2014, Vancouver, BC – Pure Energy Minerals Limited (the “Company”) (TSX-V: PE) announces that due to significant demand, it has agreed to increase the amount of its non brokered private placement announced on November 20, 2014 from a maximum of $1.5 million to $1.6 million. The private placement will now be for 8,000,000 units at a price of $.20 per unit. Each unit is comprised of one common share and one transferable share purchase warrant, each warrant being exercisable for 18 months from closing at a price of $.30 per common share. The private placement is subject to the approval of the TSX Venture Exchange (the "Exchange"). All securities issued under the private placement will be subject to four month and a day hold period from the date of issuance.
The Company also wishes to announce that is has entered into new advisory services agreement (the “Advisory Services Agreement”) with Luscar International Ltd. (“Luscar”) dated effective November 1, 2014 (the “Effective Date”), pursuant to which Luscar will provide certain advisory services (the “Services”) to the Company, including introducing the Company to second source financing and potential strategic off-take opportunities, with the primary target of second source funding and strategic off-take opportunities being Korea, in consideration of a monthly retainer of $2,500.
The Advisory Services Agreement amends and supercedes the terms of the previous advisory services agreement entered into between the Company and Luscar, announced in the Company’s new release of February 12, 2013.
In accordance with the terms of the Advisory Services Agreement and subject to Exchange acceptance, the Company will also: (a) pay Luscar $15,000 five business days after the Exchange’s acceptance of an executed co-operation agreement between POSCO Ltd. and the Company; (b) make common share issuances to Luscar, on the quarterly anniversary of the Advisory Services Agreement (beginning on February 1, 2015)(each a “Record Date”), of an amount of common shares calculated on each Record Date by dividing 9,000 by the closing price of the Company’s common shares on the trading day immediately preceding the relevant Record Date; and (c) pay Luscar a cash fee of 4.5% of the transaction value of any transaction that is consummated by the Company on or before April 1, 2017, if the potential investor was identified by Luscar anytime between the Effective Date and April 1, 2015.
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.