On July 20, 2016, Pure Energy Minerals Limited (TSXV: PE) (FRANKFURT: A111EG) (OTCQB: HMGLF) announced the closing of its previously announced best efforts private placement of units, for aggregate gross proceeds of $6,161,046. Including the full exercise of the over-allotment option granted to the agents, the company issued a total of 11,201,902 units. The offering was brokered by a syndicate of agents led by Dundee Securities Ltd., and including Echelon Wealth Partners Inc. and Haywood Securities Inc.
Pure Energy intends to use the net proceeds of the offering for exploration and engineering work on the Clayton Valley South Lithium Brine Project in Nevada, working capital and general corporate purposes.
Miller Thomson was counsel to Pure Energy in this transaction with a team that included Rory Godinho, Greg Smith, Kevin Sorochan and Brian Fast.