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Puma Exploration agreement for Sevogle property

Aug 24, 2020

2020-08-24 17:59 ET – Property Agreement

The TSX Venture Exchange has accepted for filing the documentation relating to an option agreement dated Aug. 14, 2020, between the company and Geominex Inc., in connection with the option to acquire a 100-per-cent interest in 52 claims, known as the Sevogle CARDS property, located in New Brunswick.

Pursuant to the agreement, the company shall issue 500,000 common shares and pay $25,000 in cash upon signing of the agreement. The company shall also make further cash payments totalling $50,000 in the 24 months period following the signing of the agreement, in order to acquire a 100-per-cent interest in the property.

The vendor will retain a 2-per-cent net smelter return (NSR) royalty on any saleable production from the property. Of the NSR royalty, 50 per cent may be purchased by the company for $1-million. The company retains a right of first refusal on the remaining 1-per-cent NSR royalty that is held by the vendor.

For further information, please refer to the company’s news release dated Aug. 19, 2020.

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