Puma Exploration Sells Its Interest in Target Minerals
March 24 2020 - 1:00PM
Puma Exploration Inc. (
“Company” or
“Puma”) is pleased to announce that it has sold
all of the shares it held in Target Minerals Inc.
(
“Target”) for $400,000. The sale of the Target
shares represents a continuation of Puma’s DEA
R
strategy to monetize non-core assets. The Target shares were
acquired as part of the transaction related to the Ann's Creek and
Beresford Copper properties, also known as the Nicholas-Denys
project, completed with Target in August 2019 (see news release of
27/08/2019). Puma will focus its 2020 exploration actively on
its Chester project, a drill ready property, and the newly acquired
100% held Jonpol Gold and Portage projects, while proceeding with
due diligence on additional gold projects in the Bathurst Mining
Camp (BMC).
TERMS OF THE TRANSACTION
Puma sold all the shares it held in Target to a
private company for a cash consideration of $400,000. Puma will
keep the 1% net smelter return royalty (NSR) on the Ann’s Creek and
Beresford Copper properties as stipulated in the purchase agreement
with Targets (see news release of 27/08/2019). Puma has obtained
from Target a final and complete release regarding any obligation
that occurred during the period of time during which Puma held the
shares of Target. Puma also agreed to cancel the $10,000 debenture
it held in Target and also waived the obligation for Target to get
listed within an 18-month period as stipulated in the purchase
agreement of August 2019. Puma wishes to thank Target’s management
and president for finding the purchaser as well as for arranging
and facilitating the transaction diligently.
QUALIFIED PERSONS
Marcel Robillard, PGeo, qualified person as
defined by Canadian National Instrument 43-101 standards, has
reviewed and approved the geological information reported in this
news release. 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 is a director and CEO of
the Company.
ABOUT PUMA EXPLORATION
Puma Exploration is a Canadian-based mineral
exploration company with precious and base metals projects in early
to advanced stages located in the Famous Bathurst Mining Camp (BMC)
in New Brunswick, Canada. Great efforts will be made by the Company
in the coming years to deploy its DEAR strategy
(Development, Exploration, Acquisition and Royalties) in order to
generate maximum value for shareholders with low shares dilution.
Puma has currently 32,144,974 shares outstanding.
You can visit us on Facebook / Twitter /
LinkedInLearn 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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