Purepoint Uranium Group Inc. Closes $4,000,000 Private Placement
Purepoint Uranium Group Inc. Closes
$4,000,000 Private Placement
Toronto, Ontario--(Newsfile Corp. - December 13, 2023) - Purepoint Uranium Group Inc. (TSXV: PTU)
(OTCQB: PTUUF) ("
Purepoint
" or the "
Company
") announced today the closing of its previously
announced non-brokered private placement (the "
Private Placement
").
In connection with the closing,
the Company issued 76,190,477 flow-through units ("
Flow-Through Units
") at a price of $0.0525 per
unit for aggregate gross proceeds of $4,000,000.
Each Flow-Through Unit consists of one common
share in the capital of the Company issued on a "flow through" basis pursuant to the
Income Tax Act
(Canada) 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 $0.07 per share for a period of 24
months from the date of issuance.
"We have a full year of work ahead for 2024 starting in January with our Hook Lake drill program," said
Chris Frostad, President & CEO at Purepoint. "As uranium prices continue to surge, we look forward to
a very active year of exploration in Saskatchewan."
In connection with the closing of the private placement, the Company paid Red Cloud Securities Inc.,
Accilent Capital Management Inc. and CIBC World Markets finders' fees consisting of, in aggregate,
$234,779.75 in cash and 4,471,996 non-transferable compensation warrants. Each compensation
warrant entitles its holder to purchase one common share in the capital of the Company at an exercise
price of $0.0525 per share for a period of 24 months after the closing date.
The net proceeds of the Private Placement will be used for the exploration and advancement of the
Company's projects in the Athabasca Basin, Saskatchewan. All securities issued in connection with the
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 14, 2024.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates a uranium exploration
pipeline of nine 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 seven 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.
For more information, please contact:
Chris Frostad, President & CEO
Phone: (416) 603-8368
Email:
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.
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