Purepoint Uranium Group Inc. announces private placement
Purepoint Uranium Group Inc. announces
private placement
/NOT FOR DISSEMINATION IN
THE UNITED STATES
OR THROUGH U.S. NEWSWIRE
SERVICES/
TORONTO
,
Oct. 13, 2020
/CNW/ - Purepoint Uranium Group Inc. (TSXV: PTU) ("
Purepoint
" or the
"
Company
") announced a non-brokered private placement (the "Private Placement") of up to
10,000,000 Units at a price of
$0.05
per Unit for aggregate gross proceeds of up to
$500,000
. Each
Unit consists of one common share in the capital of the Company and 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
$0.08
per share for a period of 24 months from the date of
issuance.
Closing expected to be on or about
October 23, 2020
. The net proceeds of the Private Placement
will be used for working capital purposes.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision exploration of its six projects in the
Canadian Athabasca Basin, the world's richest uranium region. Established in the
Athabasca
Basin
well before the initial resurgence in uranium earlier last decade, Purepoint's flagship project is the
Hook Lake Project, a joint venture with two of the largest uranium suppliers in the world, Cameco
Corporation and Orano Canada Inc. The Hook Lake JV Project is on trend with recent high-grade
uranium discoveries including Fission Uranium's Triple R Deposit, NexGen's Arrow Deposit and the
Hook Lake JV's Spitfire discovery.
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.
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.
SOURCE
Purepoint Uranium Group Inc.
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For further information:
Chris Frostad, President & CEO, Phone: (416) 603-8368, Email:
CO: Purepoint Uranium Group Inc.
CNW 06:30e 13-OCT-20