RIMOUSKI, Dec. 16 /CNW Telbec/ - Puma Exploration (PUM : TSX-V) has
obtained conditional approval from the TSX Venture Exchange to proceed with a
private placement to a maximum of $2,100,000.
The offer consists of the issuance of a maximum of 1,875 "A" units
($1,875,000) and 225 "B" units ($225,000). The average cost of the shares of
the "A" units is $0.19 and have 1,250 share purchase warrants attached. Each
"B" unit comprises 6,250 ordinary shares at a price of $0.16 per share and
carries 6,250 share purchase warrants. Each warrant in the "A" and "B" units
allow the holder to subscribe to shares at a price of $0.25 per share until
June 30, 2006, and thereafter, at a price of $0.30 until September 30, 2007.
The placement will close before December 30, 2005 for the "A" units and
September 30, 2006 for the "B" units.
The proceeds from this placement will be used to explore the Little Stull
Lake high grade gold property in northern Manitoba, near the Manitoba-Ontario
border, where 208 drill holes have already been drilled with promising
results. The winter exploration program is budgeted at $1,500,000, to be spent
mainly on drilling, resource definition and geological interpretation.
Additional information on this placement is available from the Company,
or from FranEcois Carrier of Canaccord Capital. The offering notice and other
financial information is available at http://www.explorationpuma.com .
The TSX Venture Exchange does not accept any responsibility for the
content of this press release as being truthful or accurate.
