Puma Adds More Claims in the Triple Fault Gold Area
May 27 2020 - 9:35AM
Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) has
recently increased its position at the Triple Fault GOLD area by
adding 58 mining claims adjacent to and interior of its current
landholdings by way of staking (44 claims) for the William Brook
South Property and by closing a purchase agreement (14 claims) for
the McCormack Brook South property.
The McCormack Brook South property was acquired
from a local prospector to secure an open ground contiguous to the
Portage and Jonpol Gold Properties held 100% by Puma and covering a
mafic intrusive and significant geophysical anomalies. The William
Brook South property covers the southern boundary of the William
Brook property which covers felsic volcanic unit exhibiting stream
sediment significant gold anomalies. Puma will focus its
exploration on its newly acquired GOLD properties located in the
Triple Fault Gold area with field work to resume shortly.
TERMS OF THE TRANSACTIONS
McCormack Brook South (14
claims)
Puma may acquire a 100% undivided ownership
interest in the Property by issuing a cumulative amount of 100,000
shares of Puma and $5,000 cash payments to the Owner and;
Additional performance payments:
(a) Pay the
Owner $25,000 cash payment upon a Positive Preliminary Economic
Assessment;(b) Pay the Owner
$50,000 cash payment upon a Positive Feasibility
Study;(c) Pay the Owner a
one-time cash payment of $100,000 upon a Commercial Production.
The Owner will retain a 2% net smelter return
(“NSR”) royalty on any saleable production from the Property. Fifty
percent of the NSR royalty (i.e. 1%) may be purchased by Puma for
$1,000,000. Puma retains a right of first refusal on the remaining
1% NSR royalty that is held by the Owner. The transaction is
subject to the TSX Venture Exchange approval.
William Brook South (44
claims)
The William Brook South property will be added
to the existing William Brook option agreement executed on
2020-04-06 with local prospectors for no additional cost. For
details on the William Brook agreement, please refer to the news
released on 2020-04-06.
PUMA EXPLORATION ARRANGES $500,000 PRIVATE
PLACEMENT
Puma is undertaking a non-brokered private
placement of units, which has been conditionally approved by the
TSX Venture Exchange, for a maximum of $500,000. Pursuant to the
placement, Puma is offering a maximum of 10 million units at a
price of 5 cents per unit. Each unit consists of one common share
and one common share purchase warrant. Each warrant entitles the
holder to acquire one common share at a price of 10 cents per
common share for a period of 24 months after the closing.
The company will use the proceeds of the
offering for purposes of working capital, and to maintain and
preserve its existing operations, activities and assets. The shares
and warrants issued under the offering will be subject to a holding
period of four months and one day following the closing.
QUALIFIED PERSONS
Marcel Robillard, PGeo, qualified person as
defined by Canadian National Instrument 43-101 standards, has
reviewed and approved the geological information reported in this
news release. 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 the 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 located in the Famous Bathurst Mining Camp (BMC)
in New Brunswick, Canada. 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 with low shares
dilution.
You can visit us on Facebook / Twitter /
LinkedInLearn more by consulting www.pumaexploration.com for
further information on Puma.Marcel Robillard, President
(418) 724-0901
president@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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