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Puma Exploration Closes $1.6 Million Financing Led by a Strategic Investment by Crescat Capital for $960,000
RIMOUSKI, Quebec, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) has closed the fully subscribed hard cash units
About this update from Puma Exploration Inc.
[{"type":"text","content":" RIMOUSKI, Quebec, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) has closed the fully subscribed hard cash units offering for an amount of $1,600,000. The company issued five million units at the price of 32 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 50 cents per share until August 19, 2023. Crescat Portfolio Management LLC (for itself and/or for accounts managed by Crescat Portfolio Management LLC (collectively, “Crescat”)), has participated as expected in the offering by making a strategic investment of $960,000, representing 60% of the financing. Two (2) insiders of the company participated in the private placement for aggregate gross proceeds of $128,000. These insiders purchased units under the same terms as the other investors. The participation of these insiders is exempt from the formal valuation and minority 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. In connection with the private placement, the Company has paid cash finders' fees totalling $81,920 and issued 256,000 finders' warrants, each entitling the holder to acquire one additional common share of Puma at a price of 50 cents for 24 months. All securities issued to purchasers and finders under the offering are subject to a four-month holding period from the date of issuance of the securities, pursuant to applicable securities legislation and the policies of the TSX Venture Exchange. The placement is subject to the final approval of the TSX Venture Exchange. The net proceeds from this offering will be used to increase the current ongoing 2,000-meter diamond drill program to 10,000-meter at the Williams Brook Gold Project, located in New Brunswick, Canada and for general working capital purposes. The technical team is on site on the Williams Brook gold property to finalize the summer exploration program, which currently includes the trenching and stripping of the new discoveries made...