Purepoint Uranium Group Inc. Closes Its Private Placement
Purepoint Uranium Group Inc. Closes Its
Private Placement
Toronto, Ontario--(Newsfile Corp. - December 9, 2022) - Purepoint Uranium Group Inc. (TSXV: PTU)
(OTCQB: PTUUF) ("
Purepoint
" or the "
Company
") today announced the closing of its previously
announced non-brokered private placement (the "
Private Placement
").
In connection with the closing,
the Company issued 48,642,857 flow-through units ("
Flow-Through Units
") at a price of $0.07 per unit
for aggregate gross proceeds of $3,405,000.
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 half (1/2) of a common share purchase warrant.
Each whole warrant entitles its holder to
purchase one common share in the capital of the Company at an exercise price of $0.105 per share for
a period of 24 months from the date of issuance.
In connection with the closing of the private placement, the Company paid certain finders' fees consisting
of, in aggregate, $167,928.90 in cash and 2,398,984 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 $0.07 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 9, 2023.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) 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.
For more information, please contact:
Chris Frostad, President & CEO
Phone: (416) 603-8368
Email:
For additional information please visit our new website at
https://purepoint.ca
,
our Twitter feed:
@PurepointU3O8
or our LinkedIn page
@Purepoint-Uranium
.
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.
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/147438