Purepoint Uranium Announces Private Placement

Purepoint Uranium Announces Private Placement

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announces a non-brokered private placement (the "Offering") of up to 28,571,429 flow-through units (the "Flow-Through Units") at a price of $0.07 per unit for aggregate gross proceeds up to $2,000,000.03. Each Flow-Through Unit consists of one common share of the Company to be issued on a "flow through" basis pursuant to the Income Tax Act (Canada) (each a "Flow-Through Share") and one-half (12) of one common share purchase warrant. Each whole warrant entitles its holder to purchase one common share of the Company (each a "Warrant Share") at an exercise price of $0.105 per share for a period of 24 months from the date of issuance.

The net proceeds of the Offering will be used for the exploration and advancement of the Company's projects in the Athabasca Basin, Saskatchewan. The gross proceeds of the Flow-Through Common Shares sold under the Offering will be used for Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)) which qualify as a "flow-through mining expenditure" for purposes of the Income Tax Act (Canada) related to the exploration program of the Company to be conducted on the Company's properties located in the Province of Saskatchewan. The Company will renounce such Canadian Exploration Expenses with an effective date of no later than December 31, 2022.

In connection with the Offering, the Company has agreed to pay to certain finders facilitating the Offering including Red Cloud Securities Inc. (collectively, the "Finders"), a cash commission equal to 6% of the gross proceeds of the Offering raised through the Finders and issue to the Finders non-transferrable compensation warrants (the "Compensation Warrants") to purchase in aggregate such number of common shares of the Company (the "Compensation Warrant Shares") as equal to 6% of the number of Flow-Through Units sold through the Finders under the Offering. Each Compensation Warrant entitles its holder to purchase one Compensation Warrant Share at an exercise price of $0.07 per share for a period of 24 months from the date of issuance.

The completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and corporate approvals, including the approval of the listing of the Flow-Through Shares, the Warrant Shares and the Compensation Warrant Shares on the TSX Venture Exchange. Resale of the securities of the Company distributed under the Offering will be subject to a statutory hold period in Canada of four months and one day following the closing date of the Offering.

About Purepoint

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds ten, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.

For more information, please contact:

Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: cfrostad@purepoint.ca

For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

Disclosure regarding forward-looking statements

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.

Not for Dissemination in the United States or through U.S. Newswire Services

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145474

News Provided by Newsfile via QuoteMedia

PTU:CA
Purepoint Uranium

Purepoint Uranium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Purepoint Uranium (TSXV:PTU, OTCQB:PTUUF)

Purepoint Uranium


Keep reading...Show less

Backed by Industry Leaders. Built for Large-Scale Exploration

Purepoint Uranium Group Inc. Closes $1 Million Private Placement

Purepoint Uranium Group Inc. Closes $1 Million Private Placement

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today the closing of its previously announced non-brokered private placement (the "Private Placement"). In connection with the closing, the Company issued 4,607,200 flow-through units ("Flow-Through Units") at a price of $0.23 per unit for aggregate gross proceeds of $1,059,656. Each Flow-Through Unit consists of one common share in the capital of the Company issued on a "flow through" basis pursuant to the Income Tax Act (Canada) and one-half (12) common share purchase warrant. Each whole warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.30 per share for a period of 24 months from the date of issuance.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
RETRANSMISSION: BTV Features Top Mining Stocks: Purepoint Uranium, Viridian Metals, Prime Mining, Patriot Battery Metals, Mayfair Gold, & Westport Fuels

RETRANSMISSION: BTV Features Top Mining Stocks: Purepoint Uranium, Viridian Metals, Prime Mining, Patriot Battery Metals, Mayfair Gold, & Westport Fuels

Please note: It is important not to misrepresent by stating BNN Bloomberg is featuring your company. BTV is featuring your company on the BNN Bloomberg Channel.

Watch on BNN Bloomberg
Wednesday, May 7 at 7:30 PM EST
Saturday, May 10 at 8:00 PM EST

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Purepoint Announces Amendment of Omnibus Equity Incentive Compensation Plan

Purepoint Announces Amendment of Omnibus Equity Incentive Compensation Plan

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) (the "Company") announced that its proposed amendment to its Omnibus Equity Incentive Compensation Plan (the "Omnibus Plan") was approved by the Company's shareholders at its annual and special meeting of shareholders held on May 28, 2025. The amendment increased the number of common shares of the Company reserved for grant of restricted share units ("RSUs") and performance share units ("PSUs") under the Omnibus Plan from 3,688,894 to 6,426,776, representing 10% of the issued and outstanding shares of the Company as of today. The amended Omnibus Plan includes a 10% "rolling" option plan and a fixed plan permitting 6,426,776 common shares of the Company to be reserved for grant of RSUs and PSUs. Please refer to the Company's management information circular dated April 16, 2025, which is available under the Company's profile at www.sedarplus.ca for a copy and a summary of the amended Omnibus Plan.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Purepoint Completes Initial Drill Program Along Groomes Lake Conductive Corridor at Smart Lake JV

Purepoint Completes Initial Drill Program Along Groomes Lake Conductive Corridor at Smart Lake JV

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today reported the completion of its initial drill program at the Smart Lake Joint Venture in Saskatchewan's Athabasca Basin. The first-pass program, which included 1,264 metres of diamond drilling across three holes, was conducted to test newly identified electromagnetic (EM) conductors along the Groomes Lake Conductive Corridor. The drill program provided a critical step in defining high-priority uranium exploration targets associated with the Groomes Lake conductive features.

The Smart Lake Project is a joint venture between Cameco Corporation (73%) and Purepoint (27%) and is located approximately 60 km south of the former Cluff Lake uranium mine and 18 km west-northwest of Purepoint's Hook Lake JV project.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Purepoint Uranium Announces Flow-Through Private Placement

Purepoint Uranium Announces Flow-Through Private Placement

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced a non-brokered private placement (the "Offering") of up to 4,347,826 flow-through units (the "Flow-Through Units") at a price of $0.23 per unit for aggregate gross proceeds up to $1,000,000. Each Flow-Through Unit consists of one common share of the Company to be issued on a "flow through" basis pursuant to the Income Tax Act (Canada) (each a "Flow-Through Share") and one-half (12) of one common share purchase warrant. Each whole warrant entitles its holder to purchase one common share of the Company (each a "Warrant Share") at an exercise price of $0.30 per share for a period of 24 months from the date of issuance. Red Cloud Securities Inc. is acting as a finder in connection with the offering.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Purepoint Uranium

Purepoint Uranium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×