February 22 2007 – Further to its news release issued February 8th, 2007, Purepoint Uranium Group Inc. (TSX-V:PTU) has confirmed that the five directors of the company have individually sold through a syndicate of agents led by Blackmont Capital Inc. and CIBC World Markets Inc. and including Loewen, Ondaatje, McCutcheon Limited a total of 4,000,000 Purepoint common shares. The shares represent 6.5% of the total issued and outstanding common shares of Purepoint. Following completion of the secondary offering, the selling shareholders own approximately 28.3 per cent of the total issued and outstanding common shares of Purepoint.
The Agents will receive a cash fee equal to 6% of the gross proceeds raised from the placement.
Purepoint Uranium Group Inc. is focused on the precision exploration of nine highly prospective properties in the Canadian Athabasca Basin. Established in the Basin well before the resurgence in uranium, Purepoint is actively advancing its large portfolio of multiple drill targets in the world’s richest uranium region.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the benefit of U.S. persons except in certain transactions exempt from the registration requirements of such Act. This news release shall not constitute an offer to sell nor the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
Disclosure regarding forward-looking statements
Note: 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 Corporation. These risks and uncertainties could cause actual results and the Corporation’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. The Corporation assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information please contact:
Chris Frostad, President and CEO
Purepoint Uranium Group Inc.
(416) 603-8368
