Pure Energy Waives Warrant Acceleration Provision
VANCOUVER, BC–(Marketwired – Feb 10, 2015) – Pure Energy Minerals Limited (TSX VENTURE: PE) (FRANKFURT: AHG) (the “Company” or “Pure Energy”) — Pure Energy is pleased to announce that the Company has removed the forced warrant acceleration conversion provision with respect to the Company’s non-brokered private placements (collectively, the Private Placements”) that were issued on May 30, 2014, July 14, 2014, and September 5, 2014.
The Company will not provide Warrant holders with an acceleration notice and will not exercise its right to accelerate the Expiry Date of the Warrants pursuant to the Acceleration Provision. Holders of the warrants will now have three years from the respective closing date of the respective Private Placement to convert the Warrants.
(A) On July 14, 2014, May 30, 2014 and September 5, 2014 the Company completed non-brokered private placements (collectively, the “Private Placements”) for an aggregate of 16,178,200 units (each a “Unit”) at a price of $0.10 per Unit.
(B) Each Unit consists of one common share of the Company (a “Share”) and one transferable share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one additional Share of the Company at a price of $0.15 per Share within three years from the respective closing date of the respective Private Placement (the “Expiry Date”). The Warrants contain an acceleration provision (the “Acceleration Provision”) that states: “If the volume weighted average closing price of the common shares on the TSX Venture Exchange is $0.35 or more for 21 consecutive trading days at any time subsequent to the expiry of six months from the date of issuance of the Warrants, then the Issuer will earn the right, by providing notice (the “Acceleration Notice”) to the Warrant holder(s), to accelerate the Expiry Date of the Warrants to that date which is 30 days from the date of the Acceleration Notice.”
(C) The directors have determined it is in the Company’s best interest not to provide accelerate the Expiry Date of the Warrants pursuant to the Acceleration Provision, despite the fact that the volume weighted average closing price of the Company’s common shares on the TSX Venture Exchange may be $0.35 or more for 21 consecutive trading days.
About Pure Energy:
Pure Energy is an integrated lithium mining and processing developer with a focus on green ‘cradle to cradle’ lifecycle solutions for lithium supply in North America. Pure Energy is currently focused on the advancement of our prospective Clayton Valley Lithium Brine Project, located in Esmerelda County, Nevada.
On behalf of the Board of Directors
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release