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Puma Exploration Announces Record Date in Connection With a Distribution of Common Shares of Canadian Copper, a Strategically-Focused Company With Copper Exploration Projects in Canada
RIMOUSKI, Quebec, June 09, 2022 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the "Company" or "Puma") is pleased to announce the anticipa
About this update from Puma Exploration Inc.
[{"type":"text","content":" RIMOUSKI, Quebec, June 09, 2022 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the \"Company\" or \"Puma\") is pleased to announce the anticipated timing and additional details regarding a previously announced distribution of common shares of Canadian Copper Inc. (“Canadian Copper”) (formerly Melius Metals Corp.). More particularly, in connection with a reduction of its stated capital in an amount of $1.5M, which is based on a deemed price of CAD$0.25 per common share of Canadian Copper and was approved by the shareholders of the Company at a special meeting held on March 9, 2022 (see News Release dated March 10, 2022), the Company will: distribute a substantial portion of the 6,000,000 common shares of Canadian Copper that were previously issued to the Company (the “Distribution”) to all of its shareholders other than its beneficial shareholders who are residents of the United States (the “U.S. Shareholders”) and who will be of record as of June 17, 2022 (the “Record Date”); and pay in cash, in U.S. dollars, the amount otherwise payable to the U.S. Shareholders who will be of record as of the Record Date in connection with such reduction of stated capital (the “Cash Payment”). Based on the 107,587,244 common shares of Puma that are issued and outstanding as of the date hereof and on an assumption that 7,000,000 common shares of Puma will be held by U.S. Shareholders as of the Record Date, each shareholder of Puma which is not a U.S. Shareholder would be entitled to receive approximately 0.0521 common share of Canadian Copper for each common shares of Puma held as of the Record Date (which is equivalent to one (1) common share of Canadian Copper for each tranche of approximately 19.178 common shares of Puma) The final exchange ratio related to the Distribution, and the exact amount of the Cash Payment that will be payable to US Shareholders, will both be determined as soon as possible after the Record Date. The Distribution and Cash Payment are scheduled to occur on or about June 30, 2022. For more information, please contact Marcel Robillard, President and CEO of Puma. OPTION AGREEMENT UPDATE All of the condition precedents under the option agreement with Canadian Copper (the “Option Agreement”) (see News Release dated July 6, 2021, November 11, 2021 and February 14, 2022) have now been satisfied. The tran...