Pure Energy Minerals Announces Closing of First Tranche of Private Placement

Pure Energy Minerals Limited (PE) closed the first tranche of a previously announced non-brokered private placement on July 9, 2026. The company raised $300,000 in gross proceeds by issuing 1,200,000 units at $0.25 per unit. Each unit consists of one common share and one common share purchase warrant exercisable at $0.37 per share for a duration of three years.

Net proceeds are designated for general working capital, including evaluating prospective transactions, settling current liabilities, ongoing exploration expenditures, option payments for mineral properties, and corporate/administrative expenses. No finder's fees were paid for this tranche, though subsequent tranches may incur fees subject to TSX Venture Exchange approval. Securities are subject to a statutory hold period of four months and one day.

Pure Energy Minerals Limited (PE) closed the first tranche of its capital raise on May 22, 2026, securing $300,000 of the $500,000 it sought to raise. The transaction adds 1.2 million new shares and warrants to the capital structure at a price of $0.25 per share, a figure significantly below the stock’s recent trading range and the company’s book value per share of $0.41.

The company intends to use the proceeds to settle liabilities and fund exploration activities. This financing addresses a depleted cash position, which stood at $308,526 as of March 31, 2026, and is expected to extend the company’s operational runway by only a few months.

The warrants issued as part of the transaction carry an exercise price of $0.37. This price is out-of-the-money relative to the current share price of $0.23, suggesting management’s expectation of future upside that is not currently supported by the company’s financials or near-term catalysts.

Pure Energy Minerals Limited is a critical minerals exploration company focused on lithium and battery metals. Its flagship project is the Clayton Valley lithium brine project in Nevada. In March 2026, the company completed an earn-in transaction with Schlumberger Technology Corporation (SLB), transferring 100% ownership of the claims in exchange for a 3% net smelter return (NSR) royalty.

The company is currently evaluating an acquisition of up to an 85% interest in the Railroad Valley property under a letter of intent extended to September 30, 2026. Management transitioned to CEO William Morton in November 2025, bringing private equity and clean energy infrastructure experience.