PURE ENERGY PURCHASES UNDERLYING ROYALTY AT CLAYTON VALLEY
Vancouver, BC – May 31, 2021 – Pure Energy Minerals (TSX Venture:PE) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) is pleased to report that it has acquired a net smelter returns (“NSR”) production royalty applicable to certain properties owned by Pure Energy at the Clayton Valley project, Nevada. The 2% NSR royalty, previously held by a private trust, covers 345 placer claims in Esmeralda County, Nevada. The purchase of the underlying royalty removes any future obligation by Pure Energy Minerals for royalty payments on these properties.
The purchase price consists of 75,000 common shares in Pure Energy stock and payment of US$30,000 to TR Trust in consideration for TR Trust’s right, title and interest, as well as a 2% NSR royalty interest, in a Share Purchase Agreement dated February 15, 2016 between Lithium X Energy Corp. (“Lithium X”), 1061582 B.C. Ltd. and LT Capital Holdings, LLC (“Agreement”). Pure Energy became a party to this agreement in conjunction with the acquisition of the mineral claims and a $2 million strategic investment in Pure Energy from Lithium X in May of 2017. The issuance of shares is subject to the approval of the TSX Venture Exchange.
“Pure Energy is pleased to have retired the underlying royalty obligation covering part of the Clayton Valley Project by amicable arrangement with the previous royalty holder,” commented Mary Little, Pure Energy’s director. “The royalty purchase further streamlines the Company’s ability to maximize shareholder value.” |
