Puma Exploration Closes $962,500 Private Placement
July 24 2020 - 1:33PM
Puma Exploration Inc., PUMA-TSXV, (“Puma”) is pleased to announce
the closing of the fully subscribed current private placement for
an amount of $962,500. The Company issued 17.5 million units
(“Units”) at the price of $0.055 per Unit. Each unit comprises one
common share and one common share purchase warrant. Each warrant
gives its holder the right to purchase one common share at a price
of $0.10 per share until July 24, 2022.
In connection with the private placement, the
company has paid cash finders' fees in an amount of $35,545.60 and
issued 646,283 finders' warrants, each entitling the holder to
acquire one additional common share of Puma at a price of $0.055
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 company will use the proceeds of the
offering for purposes of working capital, and to explore its
current flagship Triple Fault Gold Project.
One insider of the company participated in the
placement for aggregate gross proceeds of $11,000. The insider
purchased units under the same terms as the other investors. The
participation of the insider is exempt from the formal valuation
and shareholder approval requirements pursuant to sections 5.5(a)
and 5.7(1)(a) of Multilateral Instrument 61-101 -- Protection of
Minority Security Holders in Special Transactions, on the basis
that the fair market value of such participation or the
consideration paid by such insiders does not exceed 25 per cent of
the market capitalization of the company.
The technical team is currently on site on the
Williams Brook Gold property to conduct the initial reconnaissance
program which includes the verification of the access road,
mapping, and prospecting in preparation of the trenching and
stripping program that will begin shortly.
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 Gold, 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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