Purepoint Uranium Group Inc. Closes Private Placement with Foran Mining Corporation
Purepoint Uranium Group Inc. Closes Private
Placement with Foran Mining Corporation
Toronto, Ontario--(Newsfile Corp. - December 4, 2023) - Purepoint Uranium Group Inc. (TSXV: PTU)
(OTCQB: PTUUF) ("
Purepoint
" or the "
Company
") is pleased to announce the closing of its previously
announced non-brokered private placement (the "
Private Placement
") of common share units (each, a
"
Unit
") to Foran Mining Corporation (TSX: FOM) ("
Foran
").
In connection with the closing, the Company
issued 7,000,000 Units at a price of $0.05 per unit for aggregate gross proceeds of $350,000.
Each
Unit is comprised of one common share of Purepoint and one common share purchase warrant
exercisable at a price of $0.07 per share for a term of two years from the date of issue. The net
proceeds of the Private Placement will be used by Purepoint for general working capital purposes. 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 5, 2024.
The closing of the Private Placement is a condition precedent to the effectiveness of the option
agreement between Purepoint and a wholly-owned subsidiary of Foran (the "
Option Agreement
")
previously announced by Purepoint in its press release dated November 20, 2023 pursuant to which
Purepoint granted options to Foran to acquire up to 100% interest in Purepoint's Denare West Project
located in east-central Saskatchewan. Purepoint has received conditional approval of the Private
Placement and the Option Agreement from the TSX Venture Exchange (the "
Exchange
").
The Option
Agreement shall become effective immediately upon receipt of the final approval of the Private
Placement and the Option Agreement from the Exchange.
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.
About Foran Mining
Foran Mining is a copper-zinc-gold-silver exploration and development company, committed to
supporting a greener future, empowering communities and creating circular economies which create
value for all its stakeholders, while also safeguarding the environment. Foran Mining's McIlvenna Bay
Project is located entirely within the documented traditional territory of the Peter Ballantyne Cree Nation.
Foran Mining also owns the Bigstone Project, a resource-development stage deposit located 25km
southwest of the McIlvenna Bay project.
McIlvenna Bay is a copper-zinc-gold-silver rich VHMS deposit intended to be the centre of a new mining
camp in a prolific district that has already been producing for 100 years. McIlvenna Bay sits just 65km
West of Flin Flon, Manitoba and is part of the world class Flin Flon Greenstone Belt that extends from
Snow Lake, Manitoba, through Flin Flon to Foran Mining's ground in eastern Saskatchewan, a distance
of over 225km.
McIlvenna Bay is the largest undeveloped VHMS deposit in the region. Foran Mining announced the
results from its feasibility study on February 28, 2022, outlining that current mineral reserves would
potentially support an 18-year mine life producing an average of 65 million pounds of copper equivalent
annually. Foran Mining filed a NI 43-101 Technical Report for the McIlvenna Bay Feasibility Study on
April 14, 2022 and a NI 43-101 Technical Report for the Bigstone Deposit resource estimate on
February 11, 2022. Investors are encouraged to consult the full text of these technical reports which may
be found under Foran's profile on
www.sedarplus.ca
.
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.
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/189709