Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the "Company" or
"Puma") is pleased to provide an update on corporate matters,
including the outcome of the extraordinary meeting of shareholders,
the appointment of a new director, the grant of options and the
execution of another property acquisition.
EXTRAORDINARY MEETING OF
SHAREHOLDERS
The reduction of the stated capital of the
Company's common shares submitted to shareholders for approval as
set out in Puma Exploration Inc.'s circular dated January 2022 was
approved at the extraordinary meeting of shareholders held
virtually on March 9, 2022.
NOMINATION OF JACQUES DION TO PUMA'S
BOARD OF DIRECTORS
Mr. Jacques Dion has been appointed to Puma's
Board of Directors effective immediately. Mr. Dion has more than 30
years of experience in environmental assessment, the management and
transportation of hazardous materials, as well as emergency spill
response planning. Following the Lac-Mégantic rail disaster, he was
Project Director for recovering and treating petroleum hydrocarbon
impacted water. He was involved in 4 major northern military site
clean-up projects: Resolution Island, FOX-C, Cape Christian, and
Cape Dyer. Mr. Dion also designed a solid waste management plan for
the City of Iqaluit. He is a Board member and founder of Avataani
Environmental Services with a local Nunavik partner. He also acted
as Vice-President and Board member for 14 years with Qikiqtaaluk
Environmental Services, an Inuit firm located in Iqaluit.
"We're delighted to have Jacques join our Board.
ESG is woven into the fabric at Puma, and Jacques' experience will
be very beneficial as we continue to grow our Williams Brook Gold
Project. With the addition of Jacques to the Board, our team has a
demonstrated record of success in exploration, environmental
assessments and mine start-ups. Puma is becoming a major player in
the emerging New Brunswick gold space; we're assembling the
know-how to ensure its continued success," commented Marcel
Robillard, Puma's President and CEO.
ADDITIONAL PROPERTY
ACQUISITION
Puma has signed a definitive agreement (the
"Agreement") to acquire the Ferguson Brook mineral claims from Slam
Exploration Inc. ("Slam"). The Ferguson Brook mineral claims
comprise 42 claim units covering 912 hectares of prospective land
adjacent to the Williams Brook Gold Project.
To earn 100% interest in the Ferguson Brook
mineral claims, Puma agrees to issue Slam on closing:(a) a $15,000
cash payment and 250,000 common shares of the Company; (b) a
$25,000 cash payment upon a Positive Preliminary Economic
Assessment;(c) a $50,000 cash payment upon a Positive Feasibility
Study;(d) a $100,000 one-time cash payment upon reaching Commercial
Production.
The Ferguson Brook mineral claims are defined as
two (2) properties. Property A comprises 35 claim units that Slam
acquired by staking. Property B comprises a 7-unit portion of the
Property that Slam acquired through an "Underlying Agreement" with
a third party. Slam retains a 2% net smelter return ("NSR") royalty
on any commercial production from Property A. 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 Slam holds.
Slam will retain a 1% net smelter return ("NSR")
royalty on any commercial production from Property B. Fifty percent
of the NSR royalty (i.e., 0.50%) on Property B may be purchased by
Puma for $500,000. Puma retains a right of first refusal on the
remaining 0.50% NSR royalty that Slam holds. Puma will respect the
terms and assume the NSR commitment of the Underlying Agreement on
Property B. The agreement is subject to the approval of the TSX
Venture Exchange.
GRANT OF OPTIONS
Pursuant to its Stock Option Plan and subject to
regulatory acceptance, Puma has granted an aggregate total of
650,000 incentive stock options to certain Company directors,
advisers, and consultants. The options vest immediately and are
exercisable at a price of $0.50 per common share until March 10,
2024.
QUALIFIED PERSON
Dominique Gagné, PGeo, a qualified person as
defined by Canadian National Instrument 43-101 standards, has
reviewed and approved the geological information reported in this
news release.
COVID-19 PRECAUTIONS
Puma has developed and implemented precautions
and procedures compliant with Québec and New Brunswick's health
guidelines. Strict protocols are in place to ensure the safety of
all staff, thereby reducing the potential of community contact and
spreading of the virus.
ABOUT PUMA EXPLORATION
Puma Exploration is a Canadian-based mineral
exploration company with precious metals projects located near 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 /
LinkedIn
Visit 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 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d2161d64-f901-4bb4-8c15-7f101441f25a
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