Purecore Metals (CSE:PURE) plans to raise C$2.5 million ($2.52 million) through a non-brokered private placement to fund its exploration activities and other expenses.
The placement will consist of a combination of hard-dollar (HD) units priced at C$1.35 each and flow-through (FT) units at C$1.50 each, the company says.
All units will comprise one common share of Purecore and one share purchase warrant, with the sole difference being the issuance of flow-through shares with the FT units.
The warrants can be exercised at C$2.00 per share for 36 months after closing the placement.
Purecore says it plans to use proceeds from the HD units for exploration, property expenditures and acquisitions, and general corporate and working capital purposes.
Funds raised from the issuance of FT units will be used to incur eligible Canadian exploration expenses, it adds.
Purecore is currently advancing work on its Yurchison Uranium Project in Saskatchewan, Canada, comprising 22 claims covering more than 35,000 hectares of the Athabasca Basin.
The company recently began data compilation and technical review on the property, with the goal of consolidating historical and modern exploration results into a project database.
Purecore Metals is focused on advancing the materials that power modern energy systems and emerging technologies.
Write to Jackson Chen at Mining.com.au
Main image: Purecore Metals
