FOR IMMEDIATE RELEASE
Purepoint Uranium Group Inc. Completes Rights Offering
Toronto, Ontario – November 25, 2014 – Purepoint Uranium Group Inc. (the “Company” or “Purepoint”) (TSX:PTU.V) is pleased to announce the completion of its previously announced rights offering for aggregate gross proceeds of $131,519. A total of 13,865,224 rights were exercised for 1,733,153 units pursuant to the basic subscription privilege and 897,233 units issued pursuant to the additional subscription privilege.
Each unit is comprised of one (1) Common Share and one half (1/2) of a warrant (“Warrant”). Each whole Warrant will entitle the holder to purchase an additional Common Share (i) at an exercise price of $0.08 per Common Share at any time from the date of issue of the Warrant until 5:00 p.m. (Toronto time) on May 25, 2015, or (ii) at an exercise price of $0.10 per Common Share at any time from May 26, 2015 until 5:00 p.m. (Toronto time) on November 25, 2016.
In total, 2,630,386 Common Shares and 1,315,193 Warrants were issued pursuant to this rights offering. After giving effect to the rights offering, the Company now has 124,245,971 Common Shares issued and outstanding.
Purepoint Uranium Group Inc. is focused on the precision exploration of its ten 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.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.” This press release is not for distribution to United States newswire services or for dissemination in the United States.
For further information please contact:
Purepoint Uranium Group Inc.
Chris Frostad, President and CEO