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

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

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 […]

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