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TORONTO, Dec. 12, 2018 /CNW/ - Purepoint Uranium Group Inc. (TSXV: PTU) (the "Company") announced a non-brokered private placement (the "Private Placement") of up to 7,777,778 flow-through units (the "Flow-Through Units") at a price of $0.09 per unit for aggregate gross proceeds up to $700,000. Each Flow-Through Unit consists of one common share in the capital of the Company to be 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 $0.13 per share for a period of 24 months from the date of issuance.
The net proceeds of the Private Placement will be used to advance the Company's Hook Lake exploration program in Saskatchewan.
About Purepoint Uranium Group Inc.
Purepoint Uranium Group Inc. (TSXV: PTU) is focused on the precision exploration of its ten advanced-stage exploration projects in the Canadian Athabasca Basin, the world's richest uranium region. Purepoint proudly maintains project ventures in the Basin with two of the largest uranium producers in the world, Cameco Corporation and Orano Resources Canada Inc. and its flagship project is the Hook Lake JV.
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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.
SOURCE Purepoint Uranium Group Inc.
For further information: Chris Frostad, President & CEO, Phone: (416) 603-8368, Email: [email protected]