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Pure Energy Minerals (TSXV:PE) has closed its over-subscribed non-brokered private placement financing for gross proceeds amounting $990,000. The company issued 9,900,000 units at a price of $0.10 per unit.
As quoted in the press release:
Each Unit consists of one common share of the Company and one transferable share purchase warrant (a “Warrant”). Each Warrant is exercisable to acquire one additional common share of the Company for a period of three years at a price of $0.15 per common share. In the event that the volume weighted average closing price of the Company’s common shares on the TSX Venture Exchange is $0.35 or more for 21 consecutive trading days at any time subsequent to the expiry of six months from the date of issuance of the Warrants, then the Company will earn the right, by providing notice (the “Warrant Notice”) to the Warrant holders, to accelerate the expiry date of the Warrants to the date which is 30 days from the date of the Warrant Notice.
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