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Pure Energy Minerals Ltd (2)
Symbol C : PE
Shares Issued 145,759,336
Close 2018-08-09 C$ 0.125
Recent Sedar Documents

Pure Energy arranges $225,000 (U.S.) note financing

2018-08-10 00:33 ET - News Release

Mr. Patrick Highsmith reports

PURE ENERGY MINERALS ANNOUNCES US$225,000 CONVERTIBLE NOTE OFFERING

Pure Energy Minerals Ltd. will undertake a private placement offering of a senior convertible promissory note with a related party of the company. The outstanding principal of the note shall be paid to the holder on or prior to the maturity date of Oct. 4, 2019, unless previously prepaid or converted, at the option of the holder, into fully paid and non-assessable shares at 10 U.S. cents per share. Pursuant to the offering, if the principal amount of the note is prepaid on or before Feb. 15, 2019, no prepayment penalty will be payable. If the principal amount of the note is prepaid from Feb. 16, 2019, through June 30, 2019, a prepayment penalty of 3 per cent of the principal amount will be payable. If the principal amount of the note is prepaid from July 1, 2019, through Aug. 31, 2019, a penalty of 2 per cent of the principal amount will be payable. If the principal amount of this note is prepaid from Sept. 1, 2019, through Sept. 30, 2019, a penalty of 1 per cent of the principal amount will be payable. At the option of the holder, any prepayment penalty may also be converted to shares of the company.

Pursuant to the offering, the note will bear interest at the rate of 10 per cent per annum, accruing daily and payable in instalments on Nov. 15, 2018, Feb. 15, 2019, May 15, 2019, Aug. 15, 2019, and at the maturity date of Oct. 4, 2019, with the exception that the company shall have the option to request that the holder accept the issuance of the company's common shares in satisfaction of one quarterly payment of interest, whereupon the holder will have the option to either accept the company's shares in satisfaction of the quarterly interest payment or to defer payment of that quarter's interest until the next succeeding quarterly payment date. If the holder elects to receive shares in satisfaction of the payment, pursuant to the policies of the TSX Venture Exchange, the number and terms of any securities issued to pay such accrued interest shall be based upon a price per security that is not less than the market price of the Company's shares at the time the accrued interest becomes payable. If the holder elects to defer payment, interest shall also accrue on the deferred interest amount at 10 per cent per annum until paid. No finders' fees are payable.

Any shares issued upon conversion of the principal amount of the note and any accrued interest will be subject to certain resale restrictions, including a restricted period of four months following the distribution date, under applicable Canadian securities legislation.

The company intends to use the proceeds from the note offering for general corporate purposes and working capital needs.

Quality assurance

Patrick Highsmith, certified professional geologist (AIPG CPG No. 11702), is a qualified person as defined by National Instrument 43-101, and has supervised the preparation of the scientific and technical information in this news release. Mr. Highsmith is not independent of the company as he is an officer and director.

About Pure Energy Minerals Ltd.

Pure Energy Minerals is a lithium resource developer that is driven to become a low-cost supplier for the growing lithium battery industry. The company is developing the Clayton Valley project in Clayton Valley, Nev. The company is also exploring a lithium brine project in the lithium triangle of South America, the Terra Cotta project. The Terra Cotta project is located on Pocitos salar in Salta, Argentina, where it enjoys some of the best infrastructure and access of any lithium brine exploration project in Argentina.

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