Puma Exploration Inc., PUMA-TSXV, (“Puma”) is pleased to announce
the closing of the fully subscribed ordinary units private
placement for an amount of $450,000 and a first tranche of the
Flow-Through units for an amount of $450,000 for a total of
$900,000.
CLOSING OF FULLY
SUBSCRIBED ORDINARY UNITSThe Company
issued 3 million units at the price of $0.15 per Unit. Each unit
comprises one common share and one common share purchase warrant.
Each warrant gives its holder the right to purchase one common
share at a price of $0.25 per share until December 02, 2022.
In connection with the private placement, the
company has paid cash finders' fees in an amount of $29,340 and
issued 195,600 finders' warrants, each entitling the holder to
acquire one additional common share of Puma at a price of $0.15 for
24 months. All securities issued to purchasers and finders under
the offering are subject to a four-month holding period from the
date of issuance of the securities, pursuant to applicable
securities legislation and the policies of the TSX Venture
Exchange. The placement has received the conditional approval of
the TSX Venture Exchange.
One insider of the company participated in the
placement for aggregate gross proceeds of $60,000. The insider
purchased units under the same terms as the other investors. The
participation of the insider is exempt from the formal valuation
and shareholder approval requirements pursuant to sections 5.5(a)
and 5.7(1)(a) of Multilateral Instrument 61-101 -- Protection of
Minority Security Holders in Special Transactions, on the basis
that the fair market value of such participation or the
consideration paid by such insiders does not exceed 25 percent of
the market capitalization of the company.
CLOSING OF FIRST TRANCHE OF
FLOW-THROUGH
UNITSPuma Exploration announces the closing of a
first tranche of the Flow-Through private placement for an amount
of $450,000. The Company issued 2,250,000 Flow-Through units at the
price of $0.20 per Unit. Each unit comprises one common share and
one half of one common share purchase warrant. Each warrant gives
its holder the right to purchase one common share at a price of
$0.25 per share until December 02, 2022.
In connection with the private placement, the
company has paid cash finders' fees in an amount of $35,440 and
issued 177,200 finders' warrants, each entitling the holder to
acquire one additional common share of Puma at a price of $0.20 for
24 months. All securities issued to purchasers and finders under
the offering are subject to a four-month hold period from the date
of issuance of the securities, pursuant to applicable securities
legislation and the policies of the TSX Venture Exchange. The
placement has received the conditional approval of the TSX Venture
Exchange.
One insider of the company participated in the
placement for aggregate gross proceeds of $7,000. The insider
purchased units under the same terms as the other investors. The
participation of the insider is exempt from the formal valuation
and shareholder approval requirements pursuant to sections 5.5(a)
and 5.7(1)(a) of Multilateral Instrument 61-101 -- Protection of
Minority Security Holders in Special Transactions, on the basis
that the fair market value of such participation or the
consideration paid by such insiders does not exceed 25 percent of
the market capitalization of the company.
The net proceeds from the offerings will be
mainly used for the exploration of the flagship Triple Fault Gold
Project in New Brunswick, including, but not limited to, proceeding
with district-scale Heli-Borne Geophysics surveys, to initiate the
first drilling program on the Williams Brook property, to begin the
drilling program on its Chester Copper Project, as well as for
general corporate purposes.
O’NEIL GOLD
TREND
(OGT)The first
phase of the 2020 summer exploration program lead to the discovery
of the GOLD O’Neil Showing with the presence of a significant and
pervasive potential gold trend over 5.0km along the O’Neil Gold
Trend (OGT). The O’Neil Showing consists of an altered and
brecciated rhyolite injected with quartz veins and quartz
stockworks. The altered and brecciated rhyolite is open in all
directions.
The highest gold sample, grading
128.0
g/t Au, is part of the main
quartz vein (ranging from 30-50 cm) followed and sampled, so far,
over 10 meters in length. The average gold grade sample of the vein
of 30.86
g/t Au over 10 meters (128.0 g/t Au, 35.2 g/t Au,
18 g/t Au, 14.5 g/t Au, 10.25 g/t Au, 8.33 g/t Au and 1.74 g/t Au),
was estimated from chip and grab samples collected continuously
every 1.5 meters on the main vein.
Following the hand and shovel cleaning of the
main vein, surrounding quartz stockworks and veinlets within the
rhyolite were found, sampled and reported respectively high grade
gold of 16.90 g/t Au,
8.24 g/t Au,
6.14 g/t Au,
3.57 g/t Au,
2.2g/t Au, and
1.14 g/t Au.
TRIPLE FAULT GOLD PROJECTThe
Triple Fault Gold Project includes three (3) properties named
Williams Brook, Jonpol Gold, and Portage Lake, covering more than
41,500 hectares of favorable gold exploration land package. The
project is located about 60 km west of Bathurst with the paved road
cross-cutting the property.
Puma is currently focusing its field work on its
first priority, the Williams Brook property. The Williams Brook
property includes selected drill results of 11.2 g/t over 2.8m, 2.1
g/t Au over 9.0m, and 1.0 g/t over 23m, gold occurrences grading up
to 109.0 g/t Au, 50.8 g/t Au, 38,9 g/t Au in bedrock, numerous gold
soil anomalies and extremely anomalous till samples with up to 508
gold grains that occur over an area approximately 12 by 3
kilometers.
There has been very limited drilling and
exploration in the area mapped to be part of he Dunnage Zone
hosting major gold deposits and gold occurrences in siluro-devonian
rocks and considered as an emerging gold exploration and
development district.
QUALIFIED PERSONSDominique
Gagné, PGeo, independent 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.
Gagné is independent of the Company.
ABOUT PUMA
EXPLORATIONPuma 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.
You can visit us on Facebook / Twitter /
LinkedInLearn more by consulting www.pumaexploration.com for
further information on Puma.
Marcel Robillard, President, (418) 724-0901;
president@explorationpuma.comChristian Tweedy, Communications,
(604) 619-5810; ctweedy@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.
Puma Exploration (TSXV:PUMA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Puma Exploration (TSXV:PUMA)
Historical Stock Chart
From Jul 2023 to Jul 2024