Puma Exploration Announces $2.45 Million Non-Brokered Private Placements
RIMOUSKI, Quebec, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) has arranged non-brokered private placements of up to $2.45 million, consisting of
(i) three (3) million units of the corporation at a price of 15 cents per unit, for gross proceeds of up to $0.45 million, and (ii) ten (10) million Canadian flow-through units of the corporation,
at a price of 20 cents per FT unit, for gross proceeds of up to $2.00 million.
Each ordinary unit will consist of one common share of the corporation and one common share purchase warrant of the corporation. Each warrant will entitle the holder thereof to acquire one common share at a price of 25 cents for a 24-month period following the closing date of the offerings. Each flow-through unit will consist of one common share of the corporation and one-half of one common share purchase warrant of the corporation. Each full warrant will entitle the holder thereof to acquire one common share at a price of 25 cents for a 24-month period following the closing date of the offerings.
The offerings are expected to close on or around December 11th, 2020, or such other date as the corporation may determine. The offerings are conditional upon receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. The securities to be issued under the offerings will have a holding period of four months and one day from the closing date of the offerings, in accordance with applicable securities laws.
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 ($2.00 million), and finally, to use some of the proceeds for general corporate purposes ($0.45 million).
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 5.0 km 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.