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Puma Exploration Fulfills the Requirements for the First Year Options Agreements for its Flagship Triple Fault Gold Project, New Brunswick
RIMOUSKI, Quebec, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) has proceeded with all the payments required to
About this update from Puma Exploration Inc.
[{"type":"text","content":" RIMOUSKI, Quebec, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) has proceeded with all the payments required to satisfy the first year anniversary options obligations for the properties included in its flagship Triple Fault Gold Project, New Brunswick (see Figure 1). The total cash payment of $30,000 with the issuance of 75,000 shares to optionees have satisfied all of the options agreement requirements to keep the agreement in good standing until April 2022 (see news releases dated 2020-04-06 and 2020-04-16 for detailed transaction terms). Marcel Robillard, Puma's President & CEO stated, “In light of the discoveries made during the summer exploration program and the potential of the entire Triple Fault Gold Project to hold significant gold deposits, we have decided to advance the payments required for the April 2021 first year anniversary which fulfills the obligations and secures the options agreement until April 2022.” PRIVATE PLACEMENT Puma Exploration Inc. has arranged a non-brokered private placement of up to $0.75-million, consisting of five (5) million units of the corporation at a price of 15 cents per unit, for gross proceeds of up to $750,000. Each ordinary unit will consist of one common share of the corporation and one common share purchase warrant of the corporation. Each warrant will entitle the holder thereof to acquire one common share at a price of 25 cents for a 24-month period following the closing date of the offering. The offering is fully-subscribed and expected to close on or around December 18, 2020, or such other date as the corporation may determine. The offering is conditional upon receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. The securities to be issued under the offering will have a holding period of four months and one day from the closing date of the offering, in accordance with applicable securities laws. The net proceeds from the offering will be used for general corporate purposes. O’NEIL GOLD TREND (OGT) The first phase of the 2020 summer exploration program led to the discovery of the O’Neil Showing, the Lynx Showing and the Pepitos Gold Zone with the presence of a significant and pervasive potential gold trend over 5.0 km along the O’Neil Gold Trend (OGT). The O’Neil Showing consists of a...