/NOT FOR DISSEMINATION IN THE UNITED
STATES OR THROUGH U.S. NEWSWIRE SERVICES/
TORONTO, Dec. 10, 2019 /CNW/ - Purepoint Uranium Group
Inc. (TSXV: PTU) (the "Company") announced a non-brokered private
placement (the "Private Placement") of up to 9,230,770
flow-through units (the "Flow-Through Units") at a price of
$0.065 per unit for aggregate gross
proceeds up to $600,000.00.
Each Flow-Through Unit consists of one common share in the capital
of the Company to be issued on a "flow through" basis pursuant to
the Income Tax Act (Canada)
and one common share purchase warrant. Each warrant entitles
its holder to purchase one common share in the capital of the
Company at an exercise price of $0.08
per share for a period of 24 months from the date of issuance.
Closing expected to be on or about December 18, 2019. The net proceeds of the
Private Placement will be used to advance the Company's Hook Lake
exploration program in Saskatchewan.
An exploration budget of $2,000,000 has been approved by the Hook Lake JV
partners for 2020 that includes up to 3,500 metres of drilling in
about seven holes and a geophysical survey. Exploration work is
scheduled to commence in the first week of January (see news
release from November 12, 2019). More
information on the Hook Lake Project can also be viewed on the
Company's latest webinar: https://youtu.be/HGO8V-u5dxY.
Hook Lake JV Project
The Hook Lake JV project is owned jointly by Cameco Corp.
(39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc.
(21%) as operator and consists of nine claims totaling 28,598
hectares situated in the southwestern Athabasca Basin. The Hook Lake JV is
considered one of the highest quality uranium exploration projects
in the Athabasca Basin due to its
location along the prospective Patterson
Lake trend and the relatively shallow depth to the
unconformity.
Current exploration is targeting the Patterson Lake Corridor
that hosts Fission's Triple R Deposit (indicated mineral resource
87,760,000 lbs U3O8 at an average grade of 1.82% U3O8 –
www.fissionuranium.com), NexGen Energy's Arrow Deposit (indicated
mineral resource 256,600,000 lbs U3O8 at an average grade of
4.03% - www.nexgenenergy.ca) and the Spitfire Discovery by
the Hook Lake JV. The foregoing mineral resource disclosure is
information about the properties adjacent Company's property and
does not imply that the Company will obtain similar information
from its own property.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration of its ten projects in the Canadian Athabasca Basin,
the world's richest uranium region. Established in the Athabasca Basin well before the initial
resurgence in uranium earlier last decade, Purepoint's flagship
project is the Hook Lake Project, a joint venture with two of the
largest uranium suppliers in the world, Cameco Corporation and
Orano Canada Inc. The Hook Lake JV is on trend with recent
high-grade uranium discoveries including Fission Uranium's Triple R
Deposit, NexGen's Arrow Deposit and Purepoint's Spitfire
discovery.
Scott Frostad BSc, MASc, PGeo,
Purepoint's Vice President, Exploration, is the Qualified
Person responsible for technical content of this release.
Neither the Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this Press
release.
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.
SOURCE Purepoint Uranium Group Inc.