Dec 7 2017
Pure Energy Minerals Limited (the “Company” or “Pure Energy”) is pleased to announce the completion of its previously announced acquisition of 1,450 acres (587 hectares) of unpatented claims in Esmeralda County, Nevada (the “Clayton NE Claims”).
The Clayton NE Claims are contiguous with the northern portion of the Company’s Clayton Valley Project (“CV Project”) and to Albemarle Corporation’s Silver Peak Operations, the only producing lithium brine mine in North America. The Company’s CV Project now covers approximately 26,050 acres (10,542 hectares). For further details regarding the Clayton NE Claims and the terms of the acquisition, please refer to the Company’s news release dated November 8, 2017.
Patrick Highsmith, President and CEO of the Company, commented:
We are pleased to complete the purchase of 100% interest in the Clayton NE claims. With this acquisition, Pure Energy now controls all the mineral rights in Clayton Valley outside of the Silver Peak Mine that are known to host lithium brine. We look forward to incorporating these new lithium brine bearing claims into our 2018 work program.
The Company acquired the Clayton NE Claims from Advantage Lithium Corp. and Nevada Sunrise Gold Corporation (together the “Vendors”) in consideration for the issuance of 7,000,000 common shares (the “Consideration Shares”). In addition to the statutory four-month hold period, the Consideration Shares are subject to voluntary restrictions on trading for a period of 27 months, with partial quarterly releases commencing after 18 months. The Vendors have further agreed that for a period of 24 months following closing, they will vote their respective shares at meetings of shareholders of Pure Energy in favour of all matters proposed by Pure Energy’s management.
The Company and each of the Vendors are at arm’s length. No finder’s fees were paid in connection with the transaction.
Quality Assurance
Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702), is a qualified person as defined by NI 43-101, and has supervised the preparation of the scientific and technical information in this news release. Mr. Highsmith is not independent of the Company as he is an officer and director.
Source: http://www.pureenergyminerals.com/