Pure Energy Minerals Limited Announces Approval of the Earn-In for the Clayton Valley Lithium Project and Closing of the Private Placement
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Pure Energy Minerals Limited Announces Approval of the Earn-In for the Clayton
Valley Lithium Project and Closing of the Private Placement
May 30, 2019 – Pure Energy Minerals Limited (the “Company” or “Pure Energy”) (TSX.V: PE) is pleased to
report that the previously announced Earn-In Agreement with Schlumberger Technology Corporation (“STC”) for
the development of the Clayton V alley Project in Nevada (the “Transaction”) has become effective. In connection
with the Transaction, the Company received requisite approval from its shareholders. (See news release of May 1,
2019).
Concurrent with the effectiveness of the Transaction, the Company has completed the previously announced private
placement (the “Private Placement”) with Schlumberger Canada Limited (“SCL”) for 32,431,737 common shares
of the Company at a price of C $0.0615 per common share for gross proceeds of US$1,500,000 with a 6% cash
commission payable to an arm’s-length party on closing of the Private Placement. In addition, SCL has concurrently
converted its US$400,000 convertible note dated February 20, 2019 issued by the Company (the “Note”) for
5,523,707 common shares of the Company. Following the Private Placement and the conversion of the Note, SC L
holds approximately 19.9% of the common shares of the Company.
“Pure Energy Minerals is exceptionally proud to announce the approval of the T ransaction with Schlumberger for
the development of its Clayton V alley lithium brine property,” stated Mary Little, Pure Energy Minerals’ director.
“The Transaction results in minimal dilution to Pure Energy shareholders and provides ongoing funding for the
Company. As lithium products are a high per-unit value commodity, our future NSR and advance royalty structure
will create significant value going forward. Finally, we be lieve this positive development has potential to benefit
companies active in the Clayton Valley region for years to come.”
About Pure Energy Minerals
Pure Energy Minerals is a lithium resource developer that is driven to become a low -cost supplier for the growing
lithium battery industry. Pure Energy has consolidated a pre-eminent land position at its Clayton V alley Project in
the Clayton V alley of central Nevada for the exploration and development of lithium resources, comprising 948
claims over 23,360 acres (9,450 hectares), representing the largest mineral land holdings in the valley. Pure
Energy’s Clayton V alley Project adjoins and surrounds on three sides the Silver Peak lithium brine mine operated
by Albemarle Corporation. The Company has completed a Preliminary Economic Assessment (“ PEA”) for the
Clayton V alley Project (news releases of June 26, 2017 and April 5, 2018).
Quality Assurance
W alter W einig, Professional Geologist and Qualified Person as designated by the Mining and Metallurgical Society
of America (MMSA registration #01529QP), is a qualified person as defined by National Instrument 43-101 –
Standards of Disclosure for Mineral Projects and supervised the preparation of the scientific and technical
information that forms the basis for this news release. Mr. W einig is not independent of the Company, as he is a
former officer.
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ON BEHALF OF THE BOARD
“Mary L. Little”
Mary L. Little
Director
CONTACT:
Pure Energy Minerals Limited (www.pureenergyminerals.com)
Email: [email protected]
Telephone: 604 608 6611
Cautionary Statements and Forward-Looking Information
The information in this news release contains forward looking information within the meaning of applicable
securities laws. Often, but not always, forward looking information can be identified by the use of words such as
“will”, “expects”, “intends” and similar expressions as they relate to the Company. In particular, this press release
contains forward-looking information relating to the exploration and development of the Clayton Valley Project
and the proposed transactions with the Investor. Forward looking information pertaining to the Company is subject
to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ
materially from those anticipated in such forward-looking information. Factors that could cause such differences
include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining
industry and changes to regulations affecting the mining industry. Although we believe the expectations reflected
in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels
of activity, performance or achievements.
The Company does not undertake to update any forward-looking information, except as required by applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended
(the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the United States or
to, or for the account or benefit of, U.S. persons (as defined under the U.S. Securities Act) absent registration or
any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state
securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities
in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful.