Puma Exploration Announces Virtual Extraordinary Meeting of Shareholders and Gives Update on Distribution of Melius Metals Securities
15 February 2022 - 1:09AM
Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the "Company" or
"Puma") is pleased to announce that the Company will be holding an
extraordinary meeting of its shareholders at 10 a.m. (Eastern Time)
on Wednesday, March 9, 2022 (the “2022 EMS”). Due to the ongoing
COVID-19 pandemic, the 2022 EMS will be held virtually only via
live webcast at https://virtual-meetings.tsxtrust.com/1271.
At the 2022 EMS, shareholders will be asked to
pass a special resolution in connection with the distribution of
shares of Melius Metals Corp. (“Melius Metals”) to Puma’s
shareholders other than U.S. shareholders (the “Distribution”).
This special resolution is to seek shareholder approval for an
increase in reduction of stated capital already approved at the
previously held annual and special meeting of shareholders held on
August 31, 2021. The increase in the reduction of stated capital is
proposed to reduce any potential fiscal impact on Puma's
shareholders considering anticipated changes to Melius Metals'
listing price. The fair market value for the Melius Metals shares
is expected to be between $0.25 to $0.35, which is significantly
above the $0.10 initially expected at the benefit of all Puma’s
shareholders.
Shareholders of record as of February 1, 2022
(the “Record Date”) are entitled to vote their shares at the 2022
EMS. The Company encourages its shareholders to vote in advance of
the 2022 EMS using the Voting Instruction Form or the Form of Proxy
mailed to them with the meeting materials. Shareholders are
reminded that proxies must be received by 10:00 a.m. (Eastern Time)
on Monday, March 7, 2022. Copies of the meeting materials are
available under Puma’s SEDAR profile at www.sedar.com and on
Puma Exploration’s website at https://www.explorationpuma.com.
TRANSACTION SUMMARYPuma granted
Melius Metals the option to acquire 100 % in its copper projects in
consideration of $3.5 million payable through the issuance of an
initial 12 million Melius Metals shares, of which up to six (6)
million will be distributed to Puma's shareholders (other than U.S.
shareholders). The remaining $2.3 million is payable in cash or
Melius Metals shares over three years. Melius Metals also assumed
Puma's commitments for the Chester property (see July 6, 2021, News
Release). As of Nov. 24, 2021, the Chester option was executed, and
the mining claims were transferred to Puma.
Once Puma receives final approvals for the
Distribution, the Company will issue a news release announcing the
Distribution's record date and the date on which the Distribution
will occur. As of the record date for the Distribution, Puma
shareholders (other than U.S. shareholders) will be entitled to
receive pro-rata shares of Melius Metals.
Full details regarding voting Puma shares are
set out in the management information circular for the 2022 EMS
(the “Circular”). Shareholders are encouraged to review the
disclosure in the Circular carefully.
Puma’s Board of directors (the “Board”) has
unanimously determined that the Distribution is fair to
shareholders and is in the Company's best interests and its
shareholders. The Board has unanimously approved the reduction of
stated capital and recommends that Puma’s shareholders vote for the
special resolution.
ATTENDING THE VIRTUAL 2022
EMS
Due to the current COVID-19 pandemic, the 2022
EMS will be held virtually via live webcast at
https://virtual-meetings.tsxtrust.com/1271. Regardless of
geographic location and equity ownership, all Puma Exploration
shareholders are encouraged to participate at the meeting and
engage with Puma management and directors.
Shareholders are encouraged to read the Circular
for details on voting at the 2022 EMS itself (only registered
shareholders and non-registered shareholders who have appointed and
registered themselves with Computershare as the proxy holder can
vote during the meeting).
ABOUT PUMA EXPLORATIONPuma
Exploration Inc. is a Canadian-based mineral exploration company
with precious metals projects in early stages located near the
Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. The
Company is committed to 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,
(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 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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