Investment in Pure Energy Minerals Limited

CALGARY, May 31, 2019 - Schlumberger Canada Limited (the "Investor") announced today that it has acquired common shares of Pure Energy Minerals Ltd. (TSX-V:PE.V) ("Pure Energy") on a private placement basis at a price per common share of $0.0615 for total consideration of US$1,500,000 (the "Placement"). 

As a result of the Placement, together with the conversion of a convertible note in a principal amount of US$400,000 previously issued by Pure Energy in favour of the Investor, the Investor owns 37,945,444 common shares, representing approximately 19.9% of Pure Energy's issued and outstanding common shares.  The Investor did not own, directly or indirectly, any common shares of Pure Energy prior to the Placement.

The Investor has acquired the common shares for investment purposes.  Depending on market conditions and other factors, the Investor may acquire additional common shares or other securities of Pure Energy or dispose of some or all of the common shares or other securities it owns at such time. 

In connection with the Placement, the Investor and Pure Energy entered into an investor rights agreement (the "Investor Rights Agreement") providing the Investor with, among other things, the right to nominate one director to the Board of Directors of Pure Energy and certain antidilution rights, in each case, for so long as the Investor holds at least 5% of the issued and outstanding common shares.  A copy of the Investor Rights Agreement has been filed under Pure Energy's profile on SEDAR at www.sedar.com.

As previously disclosed by Pure Energy, an affiliate of the Investor and Pure Energy entered into an earn-in agreement dated May 1, 2019 pursuant to which Pure Energy granted an option in favour of such affiliate to acquire all of Pure Energy's interests in the Clayton Valley lithium project in Nevada.

An early warning report will be filed by the Investor in accordance with applicable securities laws.  To obtain a copy of the early warning report, please contact Tyler Durham, whose contact details are included below.

FORWARD-LOOKING STATEMENTS

This press release includes "forward-looking statements" within the meaning of the U.S. securities laws. All statements, other than statements of historical fact, are forward-looking statements.  The word "may" and similar expressions identify forward-looking statements.  In particular, this press release contains forward-looking statements including, without limitation, the Investor's acquisition or disposition of securities of Pure Energy in the future.  These statements are subject to certain risks, both known and unknown.  Actual results may differ materially from those expected, estimated or projected.  Forward-looking statements speak only as of the date of this press release, and the Investor disclaims any obligation to publicly update or revise any of them in light of new information, future events or otherwise.

SOURCE Schlumberger Canada Limited