Puma Exploration Closes Second Tranche of $111,060 Private Placement
December 23 2019 - 8:30AM
Puma Exploration Inc. (
the “Company” or “Puma”) is
pleased to announce the closing of a second tranche of the current
private placement. In this second Tranche, the Company raised a
total of $111,060 for the issuance of 617,000 flow through units
(“FT Units”) at the price of $0.18 per FT Unit. Each flow-through
unit comprises one flow-through common share and one-half of one
common share purchase warrant. Each full warrant gives its holder
the right to purchase one common share at a price of $0.35 per
share until Dec. 23, 2021. Up to an additional $555,940 could be
raised by the Company in additional tranche closings for aggregate
gross proceeds of the Offering of a maximum of $1,000,000.
Accredited investors interested in participating in the current
private placement are welcome to contact the company. The final
closing is expected to occur on December 30th, 2019.
In connection with the second tranche, the
company has paid cash finders' fees in an amount of $8,884.80 and
issued 49,360 finders' warrants, each entitling the holder to
acquire one additional common share of Puma at a price of $0.18 for
24 months. All securities issued to purchasers and finders under
the offering are subject to a four-month hold period from the date
of issuance of the securities, pursuant to applicable securities
legislation and the policies of the TSX Venture Exchange. The
placement has received the conditional approval of the TSX Venture
Exchange.The proceeds of the offerings will be used for the
exploration and development of Puma Exploration's properties in New
Brunswick. Currently, a major trenching and stripping program is in
progress at the Chester Copper property.
PUMA TO ISSUE 1M SHARES TO EL NINO
VENTURES TO KEEP THE PURCHASE AGREEMENT IN GOOD STANDING UNTIL JUNE
30TH, 2019
By mutual agreement, Puma Exploration Inc. and
El Nino Ventures have agreed to modify the terms of the amended and
restated asset purchase agreement for the Murray Brook Property
signed on Oct. 5, 2016, as amended thereafter. Pursuant to the
amending agreement, Puma will issue 1M shares to El Nino at a
deemed price of $0.12 and issue 500,000 warrants, valid for 3
years, at an exercise price of $0.25 in consideration for the total
additional cash fees stipulated in the July 09th, 2019 amendment
(refer to the news release of 09/07/2019). The amending agreement
is subject to the approval of the TSX Venture Exchange.
"Considering the current market condition for
base metals projects, we are very pleased with the amended terms
reached between the parties which will let us to use our cash in
hand for field work and potentially make new discovery while
securing the purchase agreement with El Nino until June
30th,2020.", commented Marcel Robillard, President and CEO of the
Company.
ABOUT PUMA EXPLORATION
Puma Exploration is a Canadian-based mineral
exploration company with precious and base metals projects in early
to advanced stages. While our priority remains to finalize the
acquisition of the Murray Brook project in New Brunswick, great
efforts will be made by the Company in the coming years to deploy
its DEAR strategy (Development, Exploration, Acquisition and
Royalties) in order to generate maximum value for shareholders.
QUALIFIED PERSONS AND QC/AC
Technical information provided in this news
release was prepared and reviewed by Marcel Robillard, P.Geo.,
qualified person as defined by NI 43-101. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. Mr.
Robillard is not independent of the Company, as he is President of
Puma Exploration.
You can visit us on Facebook / Twitter /
LinkedInLearn more by consulting www.pumaexploration.com for
further information on Puma.
Marcel Robillard, President(418)
724-0901president@explorationpuma.com
Forward-Looking Statements: This press release
may contain forward-looking statements. Such forward-looking
statements involve a number of known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Puma to be materially different from
actual future results and achievements expressed or implied by such
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements which speak only
as of the date the statements were made, except as required by law.
Puma undertakes no obligation to publicly update or revise any
forward-looking statements. These risks and uncertainties are
described in the quarterly and annual reports and in the documents
submitted to the securities administration.
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