Pure Minerals Limited (ASX:PM1) announced a private placement of 123,529,401 common shares at a price of AUD 0.017 per share for gross proceeds of AUD 2,100,000 on June 20, 2019. The transaction will include participation from institutional and sophisticated investors. The company will receive funding in two tranches. The first tranche will 86,919,765 shares comprising 52,151,859 shares and 34,767,906 shares approved by shareholders at the 2018 annual general meeting. The second tranche of 36,609,636 shares will be issued subject to shareholder approval at a general meeting of shareholders, which is expected to be held in August 2019. The first tranche is expected to close on or around June 28, 2019.