Puma Exploration Corporate Update
July 16 2020 - 3:03PM
Puma Exploration Inc., PUMA-TSXV, (“Puma”) announces today, that
following the recent market activities, the company had to change
the current private placement terms announced on May 27th, 2020 to
increase the initial amount of $500,000 to $962,500 and the unit
price to 5.5 cents. Puma is undertaking a non-brokered private
placement of units, which has been conditionally approved by the
TSX Venture Exchange, for a maximum of $962,500. Pursuant to the
placement, Puma is offering a maximum of 17.5 million units at a
price of 5.5 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 explore its
current flagship Triple Fault Gold Project. Marcel Robillard,
president and CEO said: “I’m pleased to see the recent interest in
our Triple Fault Gold project and with the proposed increase of the
current private placement, Puma will be more aggressive on the
field in order to discover new gold mineralization’’.
TRIPLE FAULT GOLD AREA
Puma is currently focusing its field work on its
flagship TRIPLE FAULT GOLD
PROJECT in New Brunswick. The initial phase of the
program incorporates large detailed prospecting, mapping,
trenching, and stripping focused over the entire Williams Brook
property of the Triple Fault Gold Project.
The Triple Fault Gold Project includes four (4)
properties named Williams Brook, Jonpol Gold, Rocky Brook, and
Portage Lake and controls more than 25,000ha of favorable gold
exploration. There are many gold occurrences up to 50.8 g/t
Au, 40 g/t Au, 28 g/t Au, 17 g/t Au with previous holes
intersected 11.2 g/t over 2.8m, 8.02 g/t Au over 1.0m, 1.0
g/t over 23.0m, 3.46 g/t Au over 2.0m. There has been very
limited drilling and exploration in the area with excellent access
by the paved Route 180 close to the mining camp infrastructure. The
Dunnage Zone hosts major gold deposits and gold occurrences in
siluro-devonian host rocks with the emergence of many companies in
Eastern Canada for gold exploration and development.
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.
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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