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Purepoint Uranium Group Inc.

Published : December 06th, 2017

Purepoint Uranium Closes Final Tranche of $1,200,000 Private Placement

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Purepoint Uranium Closes Final Tranche of $1,200,000 Private Placement

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

TORONTO, Dec. 06, 2017 (GLOBE NEWSWIRE) -- Purepoint Uranium Group Inc. (PTU.V) (the “Company”) is pleased to announce the closing of the final tranche of the previously announced non-brokered private placement for aggregate gross proceeds of $680,000.  In connection with the final tranche closing, the Company issued 6,800,000 flow-through units at a price of $0.10 per unit.  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 $0.15 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.

Together with the first and second tranches of the private placement, the Company issued a total of 12,000,000 Flow-Through Units for aggregate gross proceeds of $1,200,000.

“The substantial production cuts recently announced by Cameco and Kazakhstan will undoubtedly result in a strengthening of uranium prices in the coming year,” said Chris Frostad, President & CEO of Purepoint Uranium.  “That, in addition to the support of our partners Cameco and AREVA and the advancements of our discoveries in the Patterson Uranium District signal a strong 2018 for the Company.”

In connection with the final tranche closing, the Company paid finders’ fees consisting of $33,300 in cash and issued 333,000 non-transferable compensation warrants.  Each compensation warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.15 per share for a period of 24 months after 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. All securities issued in connection with the final tranche closing of the Private Placement are subject to a four-month hold period pursuant to the applicable securities laws with an expiry date of April 7, 2018. 

About Purepoint Uranium Group Inc.

Purepoint Uranium Group Inc. is focused on the precision exploration of its seven projects in the Canadian Athabasca Basin. Purepoint proudly maintains project ventures in the Basin with two of the largest uranium producers in the world, Cameco Corporation and AREVA Resources Canada Inc.  Established in the Athabasca Basin well before the initial resurgence in uranium earlier last decade, Purepoint is actively advancing a large portfolio of multiple drill targets in the world's richest uranium region.

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.

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.

Read the rest of the article at https:
Data and Statistics for these countries : Canada | Georgia | Kazakhstan | All
Gold and Silver Prices for these countries : Canada | Georgia | Kazakhstan | All

Purepoint Uranium Group Inc.

EXPLORATION STAGE
CODE : PTU.V
ISIN : CA7462341032
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Purepoint Uranium is a uranium exploration company based in Canada.

Purepoint Uranium holds various exploration projects in Canada.

Its main exploration properties are FORSYTHE LAKE, TURNOR LAKE, UMFREVILLE, SOUTH NEWNHAM, WILLIAM RIVER, SMART LAKE, FIRE EYE, HOOK LAKE, RED WILLOW, MCEWEN LAKE and ATHABASCA BASIN - CANALASKA in Canada.

Purepoint Uranium is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 4.7 millions as of today (US$ 3.5 millions, € 3.1 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 2.30, and its lowest recent point on September 09, 2024 at CA$ 0.02.

Purepoint Uranium has 189 170 000 shares outstanding.

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In the News and Medias of Purepoint Uranium Group Inc.
6/6/2019Purepoint Uranium updates work at Hook Lake
Annual reports of Purepoint Uranium Group Inc.
2006 Annual report
Financings of Purepoint Uranium Group Inc.
3/11/2013Completes Fully-Subscribed Rights Offering
1/10/2013Announces Rights Offering
12/10/2012Closes $410,020 Non-Brokered Private Placement
3/21/2007Uranium Group Inc. Closes Second and Final Tranche of Privat...
Option Grants of Purepoint Uranium Group Inc.
8/27/2007Employee Stock Options Issued to Technical Staff
Nominations of Purepoint Uranium Group Inc.
11/7/2007 Appoints Martin Schady to the Board of Directors
Project news of Purepoint Uranium Group Inc.
4/15/2015(Hook Lake)Expands High-Grade Uranium Discovery at Hook Lake JV with a ...
1/13/2015(Hook Lake)Initiates Winter Drill Program at Hook Lake JV Project, Atha...
11/6/2012(Smart Lake)Files NI 43-101 Compliant Technical Report for Smart Lake
4/14/2011(Red Willow)Provides Update on Red Willow Project
6/15/2010(Turnor Lake)Turnor Lake Update
4/7/2010(Red Willow)Completes Drill Program on Osprey Conductor at Red Willow Pr...
1/21/2010(Red Willow)Drilling Commences on Osprey Conductor at Red Willow Project
11/4/2008(Smart Lake)Inc: Drill Results at Smart Lake Prompt Extension of Program
9/25/2008(Red Willow)Radon Lake Exploration Update
7/22/2008(Hook Lake)SUMMER DRILLING BEGINS AT HOOK LAKE PROJECT
4/22/2008(Athabasca Basin - Canalaska) Hits 3.03% U3O8 at Osprey Zone on Red Willow
4/15/2008(Athabasca Basin - Canalaska)Defines 45 High-Potential Targets on its 11 Athabasca Basin ...
1/24/2008Begins Winter Drill Program at Turnor Lake
1/22/2008 Resumes drilling at Red Willow
1/9/2008Stakes Property Adjacent to Red Willow Discovery
12/6/2007 Red Willow structure proves a close match to Eagle Point
12/4/2007 Discovers wide radioactive structure at Red Willow
11/7/2007(Hook Lake) Drilling Commences at Hook Lake Project
10/12/2007drilling Red Willow uranium project
9/13/2007(Fire Eye)Options its Fire Eye and William River Projects
9/13/2007Purepoint Options its Fire Eye and William River Projects
6/26/2007(Fire Eye)Updates Fire Eye Project
Corporate news of Purepoint Uranium Group Inc.
2/2/2016IIROC Trading Resumption - PTU
2/2/2016Purepoint Uranium Group Inc. Extends the Spitfire Zone with ...
2/2/2016IIROC Trading Halt - PTU
1/21/2016Purepoint Uranium Group Inc. Initiates 2016 Winter Drill Pro...
12/17/2015Purepoint Uranium Group Announces Non-Brokered Private Place...
9/23/2015Purepoint Uranium Group Inc. Completes Three Technical Repor...
9/17/2015Purepoint Uranium Group Inc. Completes Technical Report for ...
9/9/2015Purepoint Uranium Group Inc. Announces Plans for Hook Lake J...
4/15/2015Purepoint Uranium Group Inc. Expands High-Grade Uranium Disc...
3/31/2015IIROC Trading Resumption - PTU
3/31/2015Hits 12.90% U3O8 Over 0.4 Metres Within 2.23% U3O8 Over 2.8 ...
3/31/2015Purepoint Uranium Group Inc. Hits 12.90% U3O8 Over 0.4 Metre...
3/31/2015IIROC Trading Halt - GLK; PTU
1/13/2015Purepoint Uranium Group Inc. Initiates Winter Drill Program ...
11/11/2014Purepoint Uranium Group Inc. Confirms Plans for Next Drillin...
9/24/2014Purepoint Uranium Group Inc. Initiates Geophysical Surveys f...
7/18/2014Purepoint Uranium Group Inc. Reports Results for Ten-hole Dr...
5/28/2014Purepoint Uranium Group Inc. Reports Results for Winter Dril...
4/15/2014Purepoint Uranium Group Announces Change of Transfer Agent, ...
10/29/2013(Red Willow)Announces Winter Drill Program at Red Willow Option
10/8/2013(Hook Lake)Announces Hook Lake Winter Program
6/20/2013(Hook Lake)Releases Hook Lake Winter Program Results
4/25/2013Employee Stock Options Issued
4/4/2013Completes Winter Exploration Program on Patterson Lake Corri...
1/31/2013(Hook Lake)Commences Drill Program at Hook Lake
10/15/2012Employee Stock Options Amended
10/2/2012(Turnor Lake)Releases Geophysical Survey Results from Turnor Lake
9/25/2012(Hook Lake)and Partners Acquire Additional Claims and Plan Drill Progra...
9/20/2012(Red Willow)Completes Airborne Electromagnetic Survey at Red Willow Nort...
9/14/2012(Smart Lake)Reports on Smart Lake Drilling
6/15/2011Initiates Field Program Utilizing CAMIRO Technology
5/11/2011(Turnor Lake)Develops 3D Model for Turnor Lake
6/8/2010New Targets Defined on Henday Block by VTEM Airborne Survey
12/7/2009Red Willow Drill Program
11/4/2009CEO to Speak at India Nuclear Summit
10/20/2009Northern Prospector Highlights India and Canada?s Nuclear Re...
9/29/2009Project Status and Exploration Plans
5/15/2009 Announces Adoption of Shareholder Rights Plan
1/22/2009New Claims Staked Near Midwest and Roughrider
1/13/2009Northern Prospector Reports on 2009 Uranium Prospects
12/9/20082008 Corporate Update
4/2/2008 Begins Winter Drill Program at Turnor Lake
11/22/2007 RYM Option Expires
7/10/2007Extensive Drill Phase Commences at Red Willow
4/26/2007Annual Financial Statements, 2006
2/23/2007Announces Closing of Secondary Offering
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