Puma Exploration Receives First Anniversary Option Payment from Canadian Copper Inc.
June 28 2023 - 5:00AM
Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or
“Puma”) has received the first-anniversary option payment from
Canadian Copper Inc. (CSE: CCI) (“Canadian Copper” or “CCI”) as
outlined in the Option Agreement dated June 30, 2021. Canadian
Copper elected to issue 3,637,873 common shares of the company at
$0.0825 per share (the 20-day VWAP price from June 3, 2023) for a
$300,000 first-anniversary option payment. CCI’s largest
shareholder is Puma, with 10,001,968 shares representing 13.48%
ownership. Prior to the first-anniversary option payment, Puma
owned 6,364,095 common shares of CCI, representing approximately 9%
ownership.
Under the Option Agreement (see July 6, 2021
News Release), Canadian Copper can earn a 100% interest in five (5)
copper properties (Figure 1), some with existing historical
resources, by making cash and/or share payments to Puma over the
term of the agreement. Another two (2) payments of $1,000,000 each
over the next two years are expected to execute the deal.
Figure 1. CCI’s portfolio of option agreement
assets
Source: www.canadiancopper.com
Since going public in July 2022, Canadian
Copper’s strategic objective has been to secure and continue to
grow its mineral inventory of critical minerals in New Brunswick’s
famous Bathurst Mining Camp. As announced on June 13, 2023, the
company is acquiring a 72% interest in the Murray Brook Deposit,
the largest undeveloped deposit in the province. With this
acquisition, Canadian Copper is now the leading explorer for base
metals in New Brunswick.
Puma’s President and CEO Marcel Robillard
commented, “The focus on green energy transition has highlighted
the need to develop copper mines in Canada. Puma spun off its
non-core copper assets to Canadian Copper in 2021 to ensure those
assets could be developed appropriately, while Puma focuses on gold
exploration. Our resulting stake in CCI provides us and our
shareholders exposure to copper exploration while allowing us to
focus on building a gold camp at our Williams Brook Gold Project.
With a fully-funded 2023 exploration program and work well
underway, one of my objectives remains to monetize Puma’s non-core
assets to create additional value for our shareholders”.
This news release is being issued in accordance
with National Instrument 62-103 - The Early Warning System and
Related Take-Over Bid and Insider Reporting Issues in connection
with the filing of an early warning report dated June 28, 2023. The
early warning report in connection with the acquisition of the
common shares has been filed on System for Electronic Document
Analysis and Review ("SEDAR") at www.sedar.com under CCI’s issuer
profile. CCI’s head office is located at 82 Richmond Street East,
Toronto, Ontario M5C 1P1.
Puma has acquired these securities for
investment purpose only. Puma may acquire additional shares or sell
shares in the current business. Puma doesn’t have any plan as now
to add or dispose any Canadian Copper securities.
About the Williams Brook Gold Project
Puma's flagship Williams Brook Gold Project
covers more than 46,000 ha in Northern New Brunswick, an
established and mining-friendly jurisdiction, near paved roads and
with excellent infrastructure nearby. Since 2021, Puma has made
four (4) significant gold discoveries at Williams Brook, with gold
mineralization hosted in quartz veins at surface.
An aggressive exploration program is planned for 2023 (see May
25, 2023 News Release); news is expected to be frequent throughout
the year.
About Puma Exploration
Puma Exploration is a Canadian-based mineral
exploration company with precious metals projects near New
Brunswick, Canada's Famous Bathurst Mining Camp ("BMC"). The
Company is committed to deploying 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 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) 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 several known and unknown risks, uncertainties,
and other factors that may cause Puma's actual results,
performance, or achievements to be materially different from actual
future results and achievements expressed or implied by such
forward-looking statements. Readers are cautioned not to rely 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/57b0bf9d-f3ce-4e2b-b41d-00743388235b
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