Pure Energy Minerals Ltd. (TSXV:PE) announced that it has started an exploration drilling program at its Nevada-based lithium brine project. The project is made up of two placer mineral claim blocks: the CV/DB property and AF property.
As quoted in the press release:
The initial exploration well on the AF property is planned to test a specific target identified by detailed geophysical surveys conducted on the property. Based on success in finding brine aquifers and anomalous lithium contents, additional geophysical surveys and further drilling may be planned to expand on the information about hydrogeology and lithium mineralization that might be discovered.
Gerhard Jacob, a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
The company also said it plans to conduct a non-brokered private placement of up to 9 million units of the company priced at $0.10 each for gross proceeds of $900,000. It is subject to the approval of the TSX Venture Exchange.
The press release states:
Each unit will consist of one common share of the company and one transferable share purchase warrant. Each warrant shall be 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 will be reduced to 30 days from the date of the notice to the holders of the warrants if the closing price of the company’s common shares is 35 cents or more for 21 consecutive trading days.