Pure Energy Minerals (PE.V) closed the first tranche of its non-brokered private placement which issued 1.2-million units at a C$0.25 apiece for C$300,000, it said overnight Thursday.
Each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to buy a share for C$0.37 for a three-year period following the closing date.
Proceeds will be used for general working capital needs, it said.