Puma Exploration Announces Increase in Kinross' Equity Stake

About this update from Puma Exploration Inc.

[{"type":"text","content":"Puma Exploration Announces Increase in Kinross' Equity StakeRimouski, Quebec--(Newsfile Corp. - December 23, 2025) - Puma Exploration Inc. (TSXV: PUMA) (OTCQB: PUMXF) (\"Puma\" or the \"Company\") is pleased to announce that Kinross Gold Corporation (\"Kinross\") has exercised its right, granted under the investor rights agreement (\"IRA\") dated October 23, 2024, to increase its ownership stake in Puma's share capital from 9.1% to 14.8% (on an undiluted basis) and 17.4% (on a partially diluted basis) after giving effect to the Offering, but otherwise assuming that the number of issued and outstanding common shares of Puma as at the date hereof remains unchanged).On December 22, 2025, Kinross and Puma entered into a subscription agreement pursuant to which Kinross agreed to purchase under a non brokered private placement 12,500,000 units of Puma (the \"Units\") at a price of $0.16 per Unit for proceeds of $2,000,000 (the \"Offering\"). Closing of the Offering is expected to occur on or about December 24, 2025 and is subject to to receipt of all necessary regulatory approvals and certain other conditions.Each Unit is comprised of one (1) common share and one-half (½) common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable to purchase one (1) common share of the Company at $0.25 per share for a period of 24 months following closing of the Offering. The Warrants are subject to an acceleration clause that allows the Company to provide notice to holders that the Warrants will expire 30 days after the date the acceleration notice is delivered. The Company may provide the acceleration notice only if the closing price of the Company's common shares on the TSX Venture Exchange is equal to or greater than $0.40 for 30 consecutive trading days. The acceleration notice may be provided at any time after the statutory hold period and before the expiry date of the Warrants. All securities issued in connection with the Offering will be subject to a hold period of four months and one day under applicable securities laws.No finder's fees will be paid in connection with the Offfering. The funds raised will support exploration activities on Puma's projects (not optioned to Kinross) and general corporate and working capital requirements.Marcel Robillard, President and CEO of Puma, commented, \"We are very ...

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