Pure Energy Minerals Ltd. (TSXV:PE) completed the second tranche of its non-brokered private placement 3,118,200 units purchased at 10 cents per common share for gross proceeds of $311,820, as previously announced in pure energy’s news release of March 21, 2014, and May 21, 2014. Proceeds from the second tranche will be put towards Pure Energy’s prospective lithium brine properties in Esmeralda county, Nevada, and for general working capital.
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.