Puma Exploration closes $962,500 private placement

Jul 24, 2020

2020-07-24 13:54 ET – News Release

Mr. Marcel Robillard reports

PUMA EXPLORATION CLOSES $962,500 PRIVATE PLACEMENT

Puma Exploration Inc. has closed the fully subscribed current private placement for an amount of $962,500. The company issued 17.5 million units at the price of 5.5 cents per unit. Each unit comprises one common share and one common share purchase warrant. Each warrant gives its holder the right to purchase one common share at a price of 10 cents per share until July 24, 2022.

In connection with the private placement, the company has paid cash finders’ fees in an amount of $35,545.60 and issued 646,283 finders’ warrants, each entitling the holder to acquire one additional common share of Puma at a price of 5.5 cents for 24 months. All securities issued to purchasers and finders under the offering are subject to a four-month hold period from the date of issuance of the securities, pursuant to applicable securities legislation and the policies of the TSX Venture Exchange. The placement has received the conditional approval of the TSX-V. The company will use the proceeds of the offering for purposes of working capital and to explore its current flagship Triple Fault gold project.

One insider of the company participated in the placement for aggregate gross proceeds of $11,000. The insider purchased units under the same terms as the other investors. The participation of the insider is exempt from the formal valuation and shareholder approval requirements pursuant to sections 5.5(a) and 5.7(1)(a) of Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions, on the basis that the fair market value of such participation or the consideration paid by such insiders does not exceed 25 per cent of the market capitalization of the company.

The technical team is currently on site on the Williams Brook gold property to conduct the initial reconnaissance program, which includes the verification of the access road, mapping and prospecting in preparation of the trenching and stripping program that will begin shortly.

Triple Fault gold area

Puma is currently focusing its fieldwork on its flagship Triple Fault gold project in New Brunswick. The initial phase of the program incorporates large detailed prospecting, mapping, trenching and stripping focused over the entire Williams Brook property of the Triple Fault gold project.

The Triple Fault gold project includes four properties named Williams Brook Gold, Jonpol Gold, Rocky Brook and Portage Lake, and controls more than 25,000 hectares of favourable gold exploration. There are many gold occurrences up to 50.8 grams per tonne Au, 40 g/t Au, 28 g/t Au, 17 g/t Au with previous holes intersected 11.2 g/t over 2.8 metres, 8.02 g/t Au over one m, one g/t over 23 m, 3.46 g/t Au over two m. There has been very limited drilling and exploration in the area with excellent access by the paved Route 180 close to the mining camp infrastructure. The Dunnage zone hosts major gold deposits and gold occurrences in siluro-devonian host rocks with the emergence of many companies in Eastern Canada for gold exploration and development.

Qualified persons

Marcel Robillard, PGeo, qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release.

About Puma Exploration Inc.

Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the famous Bathurst mining camp in New Brunswick, Canada.

We seek Safe Harbor.

http://explorationpuma.com/en/