CALGARY, May 31, 2019 /CNW/ - Schlumberger Canada Limited
(the "Investor") announced today that it has acquired common shares
of Pure Energy Minerals Limited (TSX-V:PE.V) ("Pure Energy") on a
private placement basis at a price per common share of $0.0615 for total consideration of US$1,500,000 (the "Placement").
As a result of the Placement, together with the conversion of a
convertible note in a principal amount of US$400,000 previously issued by Pure Energy in
favour of the Investor, the Investor owns 37,945,444 common shares,
representing approximately 19.9% of Pure Energy's issued and
outstanding common shares. The Investor did not own, directly
or indirectly, any common shares of Pure Energy prior to the
Placement.
The Investor has acquired the common shares for investment
purposes. Depending on market conditions and other factors,
the Investor may acquire additional common shares or other
securities of Pure Energy or dispose of some or all of the common
shares or other securities it owns at such time.
In connection with the Placement, the Investor and Pure Energy
entered into an investor rights agreement (the "Investor Rights
Agreement") providing the Investor with, among other things, the
right to nominate one director to the Board of Directors of Pure
Energy and certain antidilution rights, in each case, for so long
as the Investor holds at least 5% of the issued and outstanding
common shares. A copy of the Investor Rights Agreement has
been filed under Pure Energy's profile on SEDAR at
www.sedar.com.
As previously disclosed by Pure Energy, an affiliate of the
Investor and Pure Energy entered into an earn-in agreement dated
May 1, 2019 pursuant to which Pure
Energy granted an option in favour of such affiliate to acquire all
of Pure Energy's interests in the Clayton Valley lithium project in
Nevada.
An early warning report will be filed by the Investor in
accordance with applicable securities laws. To obtain a copy
of the early warning report, please contact Tyler Durham, whose contact details are included
below.
FORWARD-LOOKING STATEMENTS
This press release includes "forward-looking statements" within
the meaning of the U.S. securities laws. All statements, other than
statements of historical fact, are forward-looking
statements. The word "may" and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
the Investor's acquisition or disposition of securities of Pure
Energy in the future. These statements are subject to certain
risks, both known and unknown. Actual results may differ
materially from those expected, estimated or projected.
Forward-looking statements speak only as of the date of this
press release, and the Investor disclaims any obligation to
publicly update or revise any of them in light of new information,
future events or otherwise.
SOURCE Schlumberger Canada Limited