Puma Exploration Raises $922,200 in Non-Brokered Private Placement
December 30 2021 - 1:00PM
Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF), (the "Company" or
"Puma") is pleased to announce that, further to the closing of its
brokered C$5M private placement announced on December 17, 2021, it
has closed a non-brokered private placement ("the Offering") of
hard dollar units (the "Units") for total gross proceeds of
C$922,200. As part of the Offering, the Company issued 2,305,500
Units at the price of C$0.40 per Unit, with each Unit comprising
one common share and one-half common share purchase warrant. Each
warrant entitles the holder to acquire one common share of the
Company at C$0.65 per share until December 30, 2023.
Two (2) Insiders of the Company acquired a total
of 70,500 Units in the Offering (the "Insider Participation"),
which is considered a related party transaction within the meaning
of Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). The Company intends
to rely on the exemptions from the valuation and minority
shareholder approval requirements of MI 61-101 contained in
Sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101 in
respect of such Insider Participation.
In consideration of their services, Finders
received a cash commission of $17,570 and were issued 26,425
non-transferable compensation warrants. Each compensation warrant
is exercisable into one common share of the Company for $0.40 for
24 months from the date of closing of the Offering.
The net proceeds from this Offering will be used
for general working capital purposes. The Offering is subject to
regulatory approvals, including the approval of the TSX Venture
Exchange (the "TSXV"). All securities issued and issuable in the
Offering are subject to a hold period of four months and one day
from closing.
Following the holiday break, Puma's technical
team will be back on site in early January to finalize preparations
for its fully-funded 10,000-metres drilling program on the Williams
Brook property. The Company's proposed 2022 exploration strategy
and program are outlined in its December 21, 2021 news release.
ABOUT PUMA EXPLORATIONPuma
Exploration is a Canadian-based mineral exploration company with
precious metals projects in early to advanced stages located in the
Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. The
Company is committed to its DEAR strategy
(Development, Exploration, Acquisition and Royalties) to generate
maximum value for shareholders with low share-dilution.
Connect with us on Facebook / Twitter /
LinkedInVisit www.explorationpuma.com for more information or
contact:
Marcel Robillard,President,
(418) 750-8510;president@explorationpuma.com
Mia Boiridy,Head of Investor
Relations and Corporate Development,
(250)575-3305;mboiridy@explorationpuma.com.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accept responsibility for the
adequacy or accuracy of this release.
Forward-Looking Statements: This press release
may contain forward-looking statements. Such forward-looking
statements involve several 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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