VANCOUVER, Nov. 5, 2013 /CNW/ - Pure Energy Minerals Limited. (TSX-V.PE) ("PURE"). Further to PURE's news release of June 12, 2013 announcing the execution of a non-binding letter of intent (the "LOI") by PURE and Pathion Inc. ("PATHION") to complete a transaction that would result in PURE and PATHION combining business operations (the "Transaction"), the parties have agreed to extend the date by which the obligations set out in the LOI, including signing of an arrangement agreement must be completed, to December 31, 2013.
Completion of the Transaction is subject to a number of conditions, including, but not limited to, TSX Venture Exchange acceptance (the "Exchange") and if applicable pursuant to Exchange requirements, shareholder approval. If shareholder approval is required, the Transaction cannot close until it is obtained. The Transaction is also subject to standard closing conditions, including the approval of the directors of each of PURE and PATHION of the definitive agreement and completion of due diligence investigations to the satisfaction of each of PURE and PATHION. The legal structure for the Transaction will be determined after the parties have considered all applicable tax, securities law and accounting efficiencies.
PURE is an innovative junior mining company based in Vancouver, British Columbia, Canada. Currently PURE is focusing its efforts on lithium mining opportunities and related technologies. PURE's Alkali Flats Project in Esmeralda County Nevada represents approximately 2240 acres in proximity to the Clayton Valley Playa. The area is home to the Silver Peak lithium mine operated by Rockwood Lithium.
Pathion, Inc. is an energy solutions company, headquartered in Los Gatos, California, created to research,develop and commercialize products utilizing its proprietary Advanced Energy Cell technologies,advanced materials, and processes for improving the stability, conductivity, and energy density of materials used in energy devices. Pathion's technology and processes are based upon certain advanced materials developed at, and obtained from, one of the leading national research institutions in the United States.
We seek Safe Harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Pure Energy Minerals Limited
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