Puma Exploration Announces Record Date in Connection With a Distribution of Common Shares of Canadian Copper, a Strategically-Focused Company With Copper Exploration Projects in Canada
June 09 2022 - 9:08AM
Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the
"
Company" or "
Puma") is pleased
to announce the anticipated timing and additional details regarding
a previously announced distribution of common shares of Canadian
Copper Inc. (“
Canadian Copper”) (formerly Melius
Metals Corp.).
More particularly, in connection with a
reduction of its stated capital in an amount of $1.5M, which is
based on a deemed price of CAD$0.25 per common share of Canadian
Copper and was approved by the shareholders of the Company at a
special meeting held on March 9, 2022 (see News Release dated March
10, 2022), the Company will:
- distribute a substantial portion of the 6,000,000 common shares
of Canadian Copper that were previously issued to the Company (the
“Distribution”) to all of its shareholders other
than its beneficial shareholders who are residents of the United
States (the “U.S. Shareholders”) and who will be
of record as of June 17, 2022 (the “Record Date”);
and
- pay in cash, in U.S. dollars, the amount otherwise payable to
the U.S. Shareholders who will be of record as of the Record Date
in connection with such reduction of stated capital (the
“Cash Payment”).
Based on the 107,587,244 common shares of Puma
that are issued and outstanding as of the date hereof and on an
assumption that 7,000,000 common shares of Puma will be held by
U.S. Shareholders as of the Record Date, each shareholder of Puma
which is not a U.S. Shareholder would be entitled to receive
approximately 0.0521 common share of Canadian Copper for each
common shares of Puma held as of the Record Date (which is
equivalent to one (1) common share of Canadian Copper for each
tranche of approximately 19.178 common shares of Puma)
The final exchange ratio related to the
Distribution, and the exact amount of the Cash Payment that will be
payable to US Shareholders, will both be determined as soon as
possible after the Record Date.
The Distribution and Cash Payment are scheduled
to occur on or about June 30, 2022.
For more information, please contact Marcel
Robillard, President and CEO of Puma.
OPTION AGREEMENT UPDATEAll of
the condition precedents under the option agreement with Canadian
Copper (the “Option Agreement”) (see News Release
dated July 6, 2021, November 11, 2021 and February 14, 2022) have
now been satisfied. The transactions with Canadian Copper pursuant
to the Option Agreement remains subject to the final approval of
the TSX Venture Exchange.
Puma has thus determined to proceed with a
reduction of it stated capital for an amount of $1.5M and to set a
record date of June 17, 2022 for the Distribution and the Cash
Payment.
Following the Distribution, Canadian Copper
expects to meet the public distribution requirements of the
Canadian Stock Exchange (the “CSE”) and be in a
position for final approval for listing on the CSE.
REGULATORIES APPROVAL STATUS
UPDATECanadian Copper has obtained a receipt for its final
non-offering long form Prospectus dated May 24, 2022 (the
“Prospectus”) from the Ontario Securities
Commission. The Prospectus has been filed under Multilateral
Instrument 11-102 Passport System in British Columbia, Alberta, and
New Brunswick.
Concurrent with its Prospectus, Canadian Copper
has also received conditional approval from the CSE to list its
common shares on the CSE under the ticker “CCI”, subject to the
satisfaction of the public distribution requirements and final
approval from the CSE. The listing price of CCI is expected to be
set at CAD $0.25. A date for trading will be determined upon
confirmation of the conditions being met.
ABOUT CANADIAN COPPER
INC.Canadian Copper is a Canadian-based mineral
exploration company with a copper and base metals portfolio of
historical resources and grassroots projects. The Company is
focused on the prolific Bathurst Mining Camp (BMC) of New
Brunswick, Canada.
For more information, please contact:
Simon Quick,Director and CEO,
(905) 220-6661simon@canadiancopper.comir@canadiancopper.com
ABOUT PUMA EXPLORATIONPuma
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.
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