Puma Exploration Announces the Completion of Canadian Copper Common Shares Distribution
15 July 2022 - 3:00AM
Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the
"
Company" or "
Puma") is pleased
to announce that the distribution of common shares of Canadian
Copper Inc. ("
Canadian Copper") (formerly Melius
Metals Corp.) occurred as planned on June 30, 2022.
More particularly, in connection with a
reduction of its stated capital in an amount of CAD$1.5M, which is
based on the anticipated listing price of CAD$0.25 of Canadian
Copper on the Canadian Stock Exchange (the "CSE")
and was approved by the shareholders of the Company at a special
meeting held on March 9, 2022 (see News Release dated March 10,
2022), the Company has:
- distributed 5,635,905 common shares
of Canadian Copper that were previously issued to the Company (the
"Distribution") to all of its shareholders other
than its beneficial shareholders who are residents of the United
States (the "U.S. Shareholders") and who were of
record on June 17, 2022 (the "Record Date");
and
- paid in cash, $69,340.21 in U.S.
dollars (CAD$91,014.02), the amount otherwise payable to the U.S.
Shareholders who were of record as of the Record Date in connection
with such reduction of stated capital (the "Cash
Payment")
The final exchange ratio (0.053897) related to
the Distribution was defined using the number of Canadian Copper
shares to be distributed (6,000,000) divided by the total of Puma's
share outstanding after the Record Date (111,322,658).
Following the Distribution, Canadian Copper
expects to meet the CSE public distribution requirements and be in
a position for final approval for listing on the CSE. Canadian
Copper has received conditional approval from the CSE to list its
common shares on the CSE under the ticker "CCI", subject to the
satisfaction of the public distribution requirements and final
approval from the CSE. The listing price of CCI is expected to be
CAD$0.25. A date for trading will be determined upon confirmation
of the conditions being met by the CSE.
Puma has also received the "Listing" shares
certificate for 6,000,000 Canadian Copper shares. The shares are
held in escrow and will be delivered over three (3) years until
July 12, 2025. Puma's total current Canadian Copper holding of
6,364,095 CCI shares represents 9.58% of Canadian Copper Inc.
As per the Option Agreement, Puma granted
Canadian Copper the option to acquire 100% of its Copper Projects
in consideration of CAD$3.5M payable by issuing an initial 12M
Canadian Copper shares at a deemed value of CAD$0.10. The remaining
CAD$2.3M is payable in cash or Canadian Copper shares over 3
years.
ABOUT CANADIAN COPPER
INC.Canadian Copper is a Canadian-based mineral
exploration company with a copper and base metals portfolio of
historical resources and grassroots projects. The Company is
focused on the prolific Bathurst Mining Camp (BMC) of New
Brunswick, Canada.
For more information, please contact:
Simon Quick,Director and CEO,
(905) 220-6661simon@canadiancopper.comir@canadiancopper.com
ABOUT PUMA EXPLORATIONPuma
Exploration is a Canadian-based mineral exploration company with
precious metals projects 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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