Pure Energy Minerals Ltd. (TSXV:PE) closed the first tranche of its non-brokered private placement which was announced March 21, 2014, and amended May 21, 2014, for up to 15 million units of the company at a price of 10 cents per unit for gross proceeds of up to $1.5-million.
As quoted in the press release:
Each unit consists of one common share of the company and one transferable share purchase warrant. Each warrant is exercisable to acquire one additional common share of the company for a period of three years at a price of 15 cents per common share. The warrants will have an acceleration provision pursuant to which the term of the warrants shall automatically be reduced to 30 business days in the event the closing weighted average price of the company’s common shares is 35 cents or more for 21 consecutive trading days.