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Puma Exploration Announces Virtual Extraordinary Meeting of Shareholders and Gives Update on Distribution of Melius Metals Securities
RIMOUSKI, Quebec, Feb. 14, 2022 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the "Company" or "Puma") is pleased to announce that the Com
About this update from Puma Exploration Inc.
[{"type":"text","content":" RIMOUSKI, Quebec, Feb. 14, 2022 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the \"Company\" or \"Puma\") is pleased to announce that the Company will be holding an extraordinary meeting of its shareholders at 10 a.m. (Eastern Time) on Wednesday, March 9, 2022 (the “2022 EMS”). Due to the ongoing COVID-19 pandemic, the 2022 EMS will be held virtually only via live webcast at https://virtual-meetings.tsxtrust.com/1271. At the 2022 EMS, shareholders will be asked to pass a special resolution in connection with the distribution of shares of Melius Metals Corp. (“Melius Metals”) to Puma’s shareholders other than U.S. shareholders (the “Distribution”). This special resolution is to seek shareholder approval for an increase in reduction of stated capital already approved at the previously held annual and special meeting of shareholders held on August 31, 2021. The increase in the reduction of stated capital is proposed to reduce any potential fiscal impact on Puma's shareholders considering anticipated changes to Melius Metals' listing price. The fair market value for the Melius Metals shares is expected to be between $0.25 to $0.35, which is significantly above the $0.10 initially expected at the benefit of all Puma’s shareholders. Shareholders of record as of February 1, 2022 (the “Record Date”) are entitled to vote their shares at the 2022 EMS. The Company encourages its shareholders to vote in advance of the 2022 EMS using the Voting Instruction Form or the Form of Proxy mailed to them with the meeting materials. Shareholders are reminded that proxies must be received by 10:00 a.m. (Eastern Time) on Monday, March 7, 2022. Copies of the meeting materials are available under Puma’s SEDAR profile at www.sedar.com and on Puma Exploration’s website at https://www.explorationpuma.com. TRANSACTION SUMMARY Puma granted Melius Metals the option to acquire 100 % in its copper projects in consideration of $3.5 million payable through the issuance of an initial 12 million Melius Metals shares, of which up to six (6) million will be distributed to Puma's shareholders (other than U.S. shareholders). The remaining $2.3 million is payable in cash or Melius Metals shares over three years. Melius Metals also assumed Puma's commitments for the Chester property (see July 6, 2021, News Release). As of Nov. 24, 2021, the Ch...