Purepoint Uranium Group Inc. Closes Its Fully Subscribed Private Placement for Gross Proceeds of C$3.5 Million

Purepoint Uranium Group Inc. Closes Its Fully Subscribed Private Placement for Gross Proceeds of C$3.5 Million

Purepoint Uranium Group Inc. (TSXV: PTU) ("Purepoint" or the "Company") has announced the closing of its brokered private placement (the "Private Placement") previously announced on March 14, 2022, with Red Cloud Securities Inc. ("Red Cloud") pursuant to which Red Cloud acted as lead agent and sole bookrunner. In connection with the closing, the Company issued 25,001,000 flow-through units ("FT Units") at a price of C$0.14 per FT Unit for aggregate gross proceeds of C$3,500,140. Each FT Unit consists of one common share in the capital of the Company (each, a "Flow-Through Share") issued on a "flow through" basis pursuant to the Income Tax Act (Canada) and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of C$0.20 per share for a period of 24 months from the date of issuance. The closing is subject to final acceptance by the TSX Venture Exchange of the Private Placement.

In connection with the closing of the Private Placement, the Company has paid Red Cloud cash commissions in the aggregate amount of C$210,008.40 and issued to Red Cloud 1,500,060 non-transferrable compensation warrants ("Broker Warrants"), with each Broker Warrant exercisable to purchase one common share of the Company at a price of C$0.14 per share for a term of 24 months following the closing date.

The gross proceeds from the sale of Flow-Through Shares will be used for the exploration and advancement of the Company's projects in the Athabasca Basin in Saskatchewan and will be used to incur "Canadian exploration expenses" as defined in subsection 66.1(6) of the Income Tax Act and "flow through mining expenditures" as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2022, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of Flow-Through Shares. All securities issued in connection with the closing of the Private Placement are subject to a four-month hold period pursuant to the applicable securities laws with an expiry date of August 15, 2022.

About Purepoint

Purepoint Uranium Group Inc. actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin, the world's richest uranium region. Purepoint's flagship project is the Hook Lake Project, a joint venture with two of the largest uranium suppliers in the world, Cameco Corporation and Orano Canada Inc. The Hook Lake JV Project is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R Deposit and NexGen's Arrow Deposit and encompasses its own Spitfire discovery (53.3% U3O8 over 1.3m including 10m interval of 10.3% U3O8). Together with its flagship project, the Company's projects stretch across approximately 175,000 hectares of claims throughout the Athabasca Basin. These claims host over 20 distinct and well-defined drill target areas with advanced geophysical surveys completed, and in some cases, have had first pass drilling performed.

For more information, please contact:

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

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/120424

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Purepoint Uranium (TSXV:PTU, OTCQB:PTUUF)

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Purepoint Uranium Initiates Airborne Magnetotellurics at Russell South and Outlines Upcoming Announcements

Purepoint Uranium Initiates Airborne Magnetotellurics at Russell South and Outlines Upcoming Announcements

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today initiated an airborne Mobile Magnetotellurics ("MobileMT") survey, including total field magnetic and VLF, at their Russell South Uranium Project which lies on the south-eastern edge of the Athabasca Basin, Saskatchewan Canada.

"Russell South is 20 kms east-northeast of Cameco's Key Lake mine and adjoins prominent uranium projects including Rio Tinto's Russell Lake property and Skyharbour Resources Inc's Moore Lake project" said Scott Frostad, VP Exploration at Purepoint. "Our previous airborne gravity survey results outlined four high-value target regions on the project and the planned MobileMT resistivity results will allow us to further develop those drill targets."

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Purepoint Uranium Starts Hook Lake Drill Program

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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today drilling has commenced at the Hook Lake Project. The Hook Lake Project is a joint venture between Cameco Corporation (39.5%), Orano Canada Inc. (39.5%), and Purepoint (21%). The Project lies on the southwestern edge of Canada's Athabasca Basin and is adjacent to, and on trend with, high-grade uranium discoveries including Fission Uranium's Triple R Deposit and NexGen's Arrow Deposit.

"We are well into our first hole and anticipate an exciting program as we follow up on last year's breakthrough at the Carter Corridor," said Scott Frostad, Vice President Exploration at Purepoint.

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Purepoint Uranium Outlines 2024 Exploration Plans

Purepoint Uranium Outlines 2024 Exploration Plans

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today its exploration plans for 2024 with field programs at its two joint ventures and four of its 100% owned projects. All six projects reside in Canada's Athabasca Basin, the world's richest uranium district.

"The recent news of production shortfalls out of Kazakhstan has highlighted the long-term challenges in the nuclear fuel pipeline and truly ignited substantial attention towards those of us responsible for identifying new sources of uranium," said Chris Frostad, President & CEO of Purepoint. "Drilling is a priority this year as we follow up on our projects that have demonstrated the highest potential for discovery".

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Purepoint Uranium Group Inc. Closes $4,000,000 Private Placement

Purepoint Uranium Group Inc. Closes $4,000,000 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 76,190,477 flow-through units ("Flow-Through Units") at a price of $0.0525 per unit for aggregate gross proceeds of $4,000,000. 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 common share purchase warrant. Each warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.07 per share for a period of 24 months from the date of issuance.

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Purepoint Uranium Upsizes Flow-Through Private Placement

Purepoint Uranium Upsizes Flow-Through Private Placement

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced that due to strong investor demand, it has increased the offering size of the non-brokered private placement previously announced on November 27, 2023 from $2,500,000 to $4,000,000 (the "Offering"). Up to 76,190,477 flow-through units ("Units") at a price of $0.0525 per Unit are issuable pursuant to the Offering. 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 common share purchase warrant. Each warrant entitles its holder to purchase one common share of the Company (each a "Warrant Share") at an exercise price of $0.07 per share for a period of 24 months from the date of issuance. The closing of the Offering is expected to be on December 13, 2023, subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and corporate approvals, including the approval of the Offering by the TSX Venture Exchange.

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At this year’s Uranium Night at the Prospectors & Developers Association of Canada (PDAC) convention, the event's sponsors secured a $10,000 donation for the charity Haven Family Connections.

With the uranium sector having its hottest season in years, there was much to celebrate at the event, which was held on March 4 at the Lucky Clover Irish Pub in Toronto. Early in the year, the uranium spot price broke through the US$100 per pound level for the first time since 2007, rising to a 16 year high of US$106 as demand continued to outpace supply.

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Speaking at the Prospectors & Developers Association of Canada (PDAC) convention, Curtis Moore of Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) weighed in on uranium market dynamics, from supply and demand to prices.

He also discussed how Energy Fuels is navigating the sector given today's much-improved dynamics.

"These are great (price) levels for us as a uranium producer. We can profitably produce uranium at these levels," he said. "And so again, this is something we've been waiting for for a long time now. It's time to capitalize."

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Major mining company Kazatomprom (LSE:KAP,OTC Pink:NATKY) released its financial results for 2023 this past Friday (March 15), showing a strong response to much-improved uranium market dynanics.

The company's consolidated revenue grew by KZT 1,434,635 million (US$3.19 billion), up 43 percent from 2022.

This robust performance was influenced by various factors. Firstly, the uranium sector experienced an overall improvement, with the average annual price increasing by slightly over 20 percent in 2023. The period was significant for the industry as a whole, with the commodity hitting 15 year highs and closing the year at US$90 per pound.

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Global Atomic Reports on the Announcement by Niger to terminate Military Cooperation with the United States

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) reports that the Republic of Niger announced its intention to terminate its military cooperation agreement with the United States which has a large military base in Niger.  It remains unclear if a withdrawal of US troops will be required by Niger as the US military base is used to patrol a larger section of the Sahel region beyond Niger's borders.

Global Atomic - TSX30 - OTC (CNW Group/Global Atomic Corporation)

Stephen G. Roman , President and CEO commented, "With the situation in Niger being fluid, in addition to current advanced discussions with project lenders, the Company is also pursuing other financing strategies to meet its project funding requirements.   Given strong third-party interest in Global Atomic's high-grade uranium project and our plans for near-term production, there are many groups interested in funding the Dasa Project.  The Company will assess these options, monitor events in Niger and keep shareholders appraised."

About Global Atomic

Global Atomic Corporation ( https://www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.

The Company's Uranium Division has identified three additional deposits in Niger additional to the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration. With the issuance of the Dasa Mining Permit and an Environmental Compliance Certificate by the Republic of Niger , the Dasa Project is fully permitted for commercial production. Mine excavation began in Q1 2022, and commissioning of the processing plant is expected at the end of 2025/ beginning 2026.

Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc production plant, located in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America .

The information in this release may contain forward-looking information under applicable securities laws.  Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks.   Generally, forward-looking statements can be identified by forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved".  All information contained in this news release, other than statements of current or historical fact, is forward-looking information.   Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.

Forward-looking statements are based on the opinions and estimates of management at the date such statements are made.  Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance upon forward-looking statements.  Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law.  Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.

Global Atomic Corporation (CNW Group/Global Atomic Corporation)

SOURCE Global Atomic Corporation

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