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Puma Exploration agreement for Jonpol South property

Apr 24, 2020

2020-04-23 20:12 ET – Property Agreement

The TSX Venture Exchange has accepted for filing the documentation relating to a purchase option agreement dated April 15, 2020, between Geominex and the company, in connection with the option to acquire a 100-per-cent interest in 51 mineral claims covering 1,111 hectares, known as the Jonpol South property, located in New Brunswick.

Pursuant to the agreement, the company shall issue 500,000 common shares, make cash payments totalling $50,000 over a period of four years following the closing of the agreement and make additional performance payments of up to $175,000.

The vendor will retain a 2-per-cent net smelter return royalty, of which one-half (1 per cent) may be purchased at any time by the company for $1-million. The company will retain a right of first refusal on the remaining 1-per-cent net smelter return royalty.

For further information, please refer to the company’s news release dated April 16, 2020.

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