Peterson McVicar Acts for Red Cloud in Purepoint Uranium Brokered FlowThough Private Placement of up to C$2.5 Million
On March 14, 2022 Purepoint Uranium Group Inc. (“Purepoint” or the “Company”) announced that it had entered into an engagement agreement (the “Engagement Agreement”) with Red Cloud Securities Inc. (“Red Cloud”) pursuant to which Red Cloud will act as lead agent and bookrunner to sell up to 17,858,000 flow-through units of the company (“FT Units”) at a price of C$0.14 per FT Unit (the “Offering Price”) on a fully marketed, private placement basis for aggregate gross proceeds up to C$2,500,120 (the “Offering”).
Pursuant to the Engagement Agreement, the Company has granted Red Cloud an option, exercisable up to 48 hours prior to the closing of the Offering, to sell up to 7,143,000 FT Units at the Offering Price for additional gross proceeds of up to $1,000,020.
The net proceeds raised from the sale of FT Units will be used for the exploration and advancement of the Company’s projects in the Athabasca Basin in Saskatchewan. Proceeds from the sale of FT Shares 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.
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 advanced projects in Canada’s Athabasca Basin.
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