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Toronto, Ontario, January 31, 2014 – Purepoint Uranium Group Inc. (TSXV: PTU) (the “Company”) announced today that it has received approval from the TSX Venture Exchange (the “Exchange”) for its proposed repricing of the incentive stock options granted to certain of its directors, officers and consultants.
On April 25, 2013, the Company issued, in aggregate, 1,940,000 incentive stock options to certain directors, officers and consultants of the Company with an exercise price of $0.10 per common share and a term of 5 years. Pursuant to the transitional provisions of a bulletin issued by the Exchange on August 14, 2013, the minimum acceptable exercise price for options granted between January 1, 2013 and August 14, 2013 may be retroactively reduced from $0.10 to $0.05 subject to certain conditions. Accordingly, the Company has applied and received approval from the Exchange pursuant to the transitional provisions for reducing the exercise price of all of its incentive stock options granted on April 25, 2013 from $0.10 to $0.07. The Company is exempt from the requirement of disinterested shareholders’ approval for the option repricing pursuant to the transitional provisions.
About Purepoint Uranium Group Inc.
Purepoint Uranium Group Inc. is focused on the precision exploration of its eleven projects in the Canadian Athabasca Basin. Purepoint proudly maintains project ventures in the Basin with the three largest uranium producers in the world, Cameco Corporation, AREVA and Rio Tinto. 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 further information please contact:
Purepoint Uranium Group Inc.
Chris Frostad, President and CEO