Puma Exploration Closes $654,967 Private Placement
September 27 2019 - 1:30PM
Puma Exploration Inc. (TSXV: PUMA) (the "Company" or "Puma") is
pleased to announce that it has closed its previously announced
(see news releases of July 25, 2019 and August 27, 2019) private
placement financing (the "Financing"). The Company has issued a
total of 43,664,467 units for a total of $654,967. The units were
offered at a price of $0.015 and consisted of one common share in
the Company and one share purchase warrant. Each warrant is
exercisable to purchase one additional common share at $0.05 for 48
months from the date of issuance.
No finder’s fees were paid in connection with the closing of the
Financing.
Insiders of the Company participated in the
Private Placement, subscribing for 5,981,133 units for proceeds of
$89,717. Such participation constitutes a related party transaction
as defined under Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("MI 61-101").
The Company relied on the transaction being exempt from the formal
valuation and minority shareholder approval requirements of MI
61-101 as neither the fair market value of the transaction, nor the
consideration paid, exceeds 25% of the Company's market
capitalization.
All securities issued pursuant to the Financing
are subject to a four-month and one day holding period expiring on
January 28, 2020. The Company will use the proceeds of the offering
for purposes of working capital, and to maintain and preserve its
existing operations, activities and assets.
ABOUT PUMA EXPLORATIONPuma is a
Canadian mineral exploration company with advanced precious and
base metals projects in Canada. While the priority remains to
secure and finalize the acquisition of the Murray Brook project,
the emphasis will be directed towards the exploration of the new
targets identified around the existing deposits at Murray Brook and
Chester, but also within underexplored targets located on both
favourable horizons within the properties. In order to achieve its
main objectives, Puma has proposed a restructuration (press release
July 25, 2019) which would not only provide the Company with more
optionality on the acquisition, exploration, and development of the
Murray Brook project, but would once again make Puma one of the
most active exploration companies in New Brunswick.
The Company’s objective for 2019-20 also
includes selling undervalued assets as to increase the
value of the company to its shareholders. Puma holds
14,200,000 shares of Targets Minerals, exploring for precious
metals (Gold-Silver) in New Brunswick and
4,750,000 shares of BWR Resources exploring for
gold in Manitoba, and also an option agreement
with Rio Tinto for the Red Brook Project in New Brunswick.
QUALIFIED PERSONS AND
QC/ACTechnical information provided in this news release
was prepared and reviewed by Marcel Robillard, P.Geo., President,
and Dominique Gagné, P.Geo., Vice President Exploration of Puma
Exploration, qualified persons as defined by NI 43-101. 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.
Robillard and Mr. Gagné are not independent of the Company, as both
are officers and shareholders thereof.
You can visit us on Facebook and Twitter.Learn
more by consulting www.pumaexploration.com for further information
on Puma.Marcel Robillard, President(418)
724-0901president@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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