Purepoint Uranium has completed a private placement of 2,272,727 units at a price of $0.22 per unit to a group of investors including MineralFields Group.

The net proceeds of this private placement will be used to further advance the company’s uranium exploration projects in Saskatchewan, Canada.

Each unit will consist of one flow-through common share of Purepoint and one-half of a warrant.

Purepoint is focused on the precision exploration of its 13 projects in the Athabasca Basin of Canada.

The company maintains project ventures in the basin with uranium producers including Cameco Corp, Areva and Rio Tinto.