Puma Exploration Announces closing of $668,500 Non-Brokered Financing
December 24 2024 - 4:30PM
Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or
“Puma”) announces that it has closed a non-brokered placement (the
“FT Private Placement”) consisting of 6,685,000 flow-through units
(the “FT Units”) at $0.10 per FT Unit for gross proceeds of
C$668,500. Each FT Unit comprises one flow-through share and one
common share purchase warrant (“Warrant”). Each Warrant is
exercisable to purchase one common share of the Company at $0.15
per share valid for 24 months.
The Warrants are subject to an acceleration
clause that entitles the Company to provide notice (the
"Acceleration Notice") to holders that they will expire 30 days
from the date the Company delivers the Acceleration Notice. The
Company can only provide the Acceleration Notice if the closing
price of the Company's Common Shares on the TSXV is equal to or
greater than $0.25 for 30 consecutive trading days. The
Acceleration Notice can be provided at any time after the statutory
hold period and before the expiry date of the warrants. All
securities issued in connection with the Private Placement are
subject to a hold period of four months and one day pursuant to
applicable securities laws.
The net proceeds of the FT units will be used to
incur eligible Canadian exploration expenses and flow-through
mining expenditures, as defined under the Income Tax Act (Canada),
that will be renounced in favour of the purchasers, with an
effective date of no later than Dec. 31, 2025. The funds will
advance the exploration of the newly acquired McKenzie Gold Project
and other company assets in northern New Brunswick.
In connection with the closing of the private
placement offerings, the company paid aggregate cash finder's fees
of $39,445 and issued 394,450 non-transferable finder warrants. The
finder warrants have the same terms than the warrants included in
the units and exercisable at $0.15 per common share.
Certain directors and other insiders of the
Company participated in the Private Placement. They subscribed for
350,000 FT Units for an aggregate price of $35,000, an amount no
more than the maximum amount permissible under applicable
securities laws and regulatory rules. Participation by the
directors and other insiders in the Private Placement is considered
a "related party transaction" under Multilateral Instrument 61- 101
- Protection of Minority Security Holders in Special Transactions
("MI 61-101").
The Company is exempt from the requirements to
obtain a formal valuation and minority shareholder approval in
connection with the insiders' participation in the Private
Placement in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101
in that the fair market value (as determined under MI 61-101) of
any securities issued under the Private Placement (and the
consideration paid to the Company therefor) to interested parties
(as defined under MI 61-101) did not exceed 25% of the Company's
market capitalization (as determined under MI 61-101).
Qualified Person
The content of this press release was prepared
by Marcel Robillard, President, who supervised the preparation of
the information that forms part of this news release.
About Puma’s Assets in New
Brunswick
Puma has accumulated an impressive portfolio of
prospective gold landholdings strategically located close to roads
and infrastructure in Northern New Brunswick - the Williams Brook
Project and the new McKenzie Gold Project. Both are located near
the Rocky Brook Millstream Fault (“RBMF”), a major regional
structure formed during the Appalachian Orogeny and a significant
control for gold deposition in the region. Puma’s work to date
has focused on the Williams Brook property, but prospecting and
surface exploration work on its other properties have confirmed
their potential for significant gold mineralization.
About Puma Exploration
Puma Exploration is a Canadian mineral
exploration company focused on finding and growing a pipeline of
precious metals projects in New Brunswick, near Canada's Famous
Bathurst Mining Camp. Puma has a long history in Northern New
Brunswick, having worked on regional projects for over 15 years.
Puma’s successful exploration methodology, which combines old
prospecting methods with detailed trenching and up-to-date
technology such as Artificial Intelligence, has been instrumental
in facilitating an understanding of the region's geology and
associated mineralized systems. Armed with geophysical surveys,
geochemical data and consultants’ expertise, Puma has developed a
perfect low-cost exploration tool to discover gold at shallow
depths and maximize drilling results.
The Company is committed to its DEAR business
model of Discovery, Exploration,
Acquisition and Royalties to
generate maximum value for shareholders with low share
dilution.
Connect with us on Facebook / X /
LinkedIn.Visit www.explorationpuma.com for more information or
contact:
Marcel Robillard, President and
CEO. (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) accepts 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 that 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. The quarterly and annual reports and
the documents submitted to the securities administration describe
these risks and uncertainties.
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