Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) has
closed the fully subscribed hard cash units offering for an amount
of $1,600,000. The company issued five million units at the price
of 32 cents 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 50 cents per share
until August 19, 2023.
Crescat Portfolio Management LLC (for itself
and/or for accounts managed by Crescat Portfolio Management LLC
(collectively, “Crescat”)), has participated as expected in the
offering by making a strategic investment of $960,000, representing
60% of the financing.
Two (2) insiders of the company participated in
the private placement for aggregate gross proceeds of $128,000.
These insiders purchased units under the same terms as the other
investors. The participation of these insiders is exempt from the
formal valuation and minority 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.
In connection with the private placement, the
Company has paid cash finders' fees totalling $81,920 and issued
256,000 finders' warrants, each entitling the holder to acquire one
additional common share of Puma at a price of 50 cents for 24
months. All securities issued to purchasers and finders under the
offering are subject to a four-month holding period from the date
of issuance of the securities, pursuant to applicable securities
legislation and the policies of the TSX Venture Exchange. The
placement is subject to the final approval of the TSX Venture
Exchange.
The net proceeds from this offering will be used
to increase the current ongoing 2,000-meter diamond drill program
to 10,000-meter at the Williams Brook Gold Project, located in New
Brunswick, Canada and for general working capital purposes.
The technical team is on site on the Williams
Brook gold property to finalize the summer exploration program,
which currently includes the trenching and stripping of the new
discoveries made during the initial phase of exploration and the
inaugural drilling of the O’Neil Gold Trend. Update on exploration
programs will be shared shortly.
ABOUT CRESCAT CAPITAL
LLCCrescat is a global macro asset management firm
headquartered in Denver, Colorado. Crescat's mission is to grow and
protect wealth over the long term by deploying tactical investment
themes based on proprietary value-driven equity and macro models.
Crescat's goal is industry leading absolute and risk-adjusted
returns over complete business cycles with low correlation to
common benchmarks. Crescat's investment process involves a mix of
asset classes and strategies to assist with each client's unique
needs and objectives and includes Global Macro, Long/Short, Large
Cap and Precious Metals funds.
Crescat is advised by its geological and
technical director, Dr. Quinton Hennigh, on gold and silver
resource companies. Dr. Hennigh became an economic geologist after
obtaining his PhD in Geology/Geochemistry from the Colorado School
of Mines. He has more than 30 years of exploration experience with
major gold mining firms that include Homestake Mining, Newcrest
Mining and Newmont Mining. Recently, Dr. Hennigh founded Novo
Resources Corp (TSX-V: NVO) and currently serves as Chairman. Among
his notable project involvements are First Mining Gold's Springpole
gold deposit in Ontario, Kirkland Lake Gold's acquisition of the
Fosterville gold mine in Australia, the Rattlesnake Hills gold
deposit in Wyoming, and Lion One's Tuvatu gold project on Fiji,
among many others.
O’NEIL GOLD TREND
(OGT)The O’Neil Gold Trend (OGT) is a
pervasive altered and brecciated rhyolite unit hosting significant
gold showings and occurrences followed by trenching over a strike
length of 700 meters. The geophysical signature of
the OGT is expressed over 7km. The favourable unit (rhyolite) is
similar and parallel to the structures hosting the “Williams 1” and
“Williams 2” Gold Zones with selected drill results of 11.2
g/t over 2.8m, 2.1 g/t Au over 9.0m, and 1.0 g/t over
23m.
These trends are interpreted to be related to a
major rifting in the New Brunswick Geological events and could
represent a low sulphidation epithermal gold system. Along the OGT,
the width of the altered horizon varies from 5 to 250 meters with
an average apparent thickness of 150 meters.
Numerous quartz veins, quartz veinlets,
stockworks and breccias were observed mostly perpendicular to the
major trend and contain the gold mineralization. The OGT has never
been drilled and many gold zones were discovered during the summer
2020 exploration campaign.
High-Grade Selected Grab Samples Assays
on the Prolific O’Neil Gold Trend (OGT)*:
O’Neil Gold
Zone (VG**): |
128.5
g/t Au, 44.4 g/t Au, 38.8 g/t Au, 32.8 g/t Au,
23.1 g/t Au |
Pepitos Gold Zone (VG**): |
52.1 g/t Au, 16.1 g/t Au, 15.0 g/t Au, 13.1 g/t Au,
4.87 g/t Au |
Lynx Gold Zone (VG**): |
241.0 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au,
58.4 g/t Au |
Chubby Zone Area: |
3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au, 0.45 g/t
Au |
Moose Gold Zone: |
2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au, 1.1 g/t
Au |
* Selected rock grab samples are selective by
nature and may not represent the true grade or style** VG: Visible
Gold
QUALIFIED PERSONSDominique
Gagné, PGeo, independent 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.
Gagné is independent of the Company.
QUALITY ASSURANCE/QUALITY CONTROL
(QA/QC)Rock samples were bagged, sealed and sent to the
facility of ALS CHEMEX in Moncton, New Brunswick where each sample
is dried, crushed, and pulped. The samples were crushed to 70% less
than 2mm, riffle split off 1kg, pulverise split to better than 85%
passing 75 microns (Prep-31B). A 30-gram subsplit from the
resulting pulp was then subjected to a fire assay (Au-ICP21). Other
screen sizes available. Duplicate 50g assay on screen undersize.
Assay of entire oversize fraction.
ABOUT PUMA EXPLORATIONPuma
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.
The securities described herein have not been,
and will not be, registered under the Unites States Securities Act
of 1933, as amended (the “U.S. Securities Act”), or any U.S. state
securities laws, and may not be offered or sold in the Unites
States without registration under the U.S. Securities Act and all
applicable state securities laws or compliance with requirements of
an applicable exemption therefrom. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities in the Unites States, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
You can visit us on Facebook / Twitter /
LinkedInLearn more by consulting www.explorationpuma.com for
further information on Puma.Marcel Robillard, President, (418)
750-8510; 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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