Puma Closes the Option Agreement and $1M Private Placement with Kinross Gold
October 30 2024 - 2:48PM
Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or
“Puma”) is pleased to announce that it has closed its Option
Agreement for the Williams Brook, Portage and Jonpol properties
(collectively, the “Williams Brook Project”) announced on October
24, 2024 including a non-brokered private placement for
$1,011,473.47 with Kinross Gold Corporation (TSX: K, NYSE: KGC)
(“Kinross”).
In connection with the Option Agreement,
Kinross subscribed to 16,857,891 common shares of the Company
at a price of $0.06 (“the Offering”). Kinross now holds
approximately 9.9% of Puma's issued and outstanding shares. Puma
and Kinross have also executed an investor rights agreement (the
“IRA”), pursuant to which, among other things, Kinross will be
granted the right to participate in future equity financings in
order to maintain its ownership percentage in the Company or
acquire up to 19.9% of the total of common shares of the Company
issued and outstanding after issuance of new securities.
The Private Placement was negotiated at arms’
length with no associated finder’s fees. All securities issued
under the Offering will have a statutory hold period of four months
and one day. The net proceeds of the Offering will be used by the
Company to explore its other projects and for general corporate and
working capital purposes. The Company expects to release news
regarding its short to medium-term strategy for its other 100% held
properties in the coming weeks.
The option Agreement and the Private Placement
received conditional approval from the TSXV.
About Puma’s Assets in New
Brunswick
Puma has accumulated an impressive portfolio of
prospective gold landholdings in Northern New Brunswick – the
Williams Brook, JonPol, Portage, TIMM and Jacquet River properties.
They are all located near the Rocky Brook Millstream Fault
(“RBMF”), a major regional structure formed during the Appalachian
Orogeny and a significant control for gold deposition in the
region. Puma’s work to date has focused on the Williams Brook
property, but prospecting and surface exploration work on the other
properties have confirmed their potential for significant gold
mineralization. Puma retains its 100% interest in the TIMM and
Jacquet River properties and will continue to advance their
development.
The Company is committed to its DEAR business
model of Discovery, Exploration,
Acquisition and Royalties to
generate maximum value for shareholders with low share
dilution.
About Puma Exploration
Puma Exploration is a Canadian-based mineral
exploration company with precious metals projects in New Brunswick,
near Canada's Famous Bathurst Mining Camp. Puma has a long history
in Northern New Brunswick, having worked on regional projects for
over 15 years. Puma’s successful exploration methodology, which
combines old prospecting methods with detailed trenching and
up-to-date technology such as Artificial Intelligence, has been
instrumental in facilitating an understanding of the region's
geology and associated mineralized systems. Armed with geophysical
surveys, geochemical data and consultants’ expertise, Puma has
developed a perfect low-cost exploration tool to discover gold at
shallow depths and maximize drilling results.
Connect with us on Facebook / X/ LinkedIn.Visit
www.explorationpuma.com for more information or contact:
Marcel Robillard, President and
CEO. (418) 750-8510; president@explorationpuma.com
Mia Boiridy, Head of Investor Relations and
Corporate Development. (250) 575-3305;
mboiridy@explorationpuma.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Statements: This press release
may contain forward-looking statements. Such forward-looking
statements involve several known and unknown risks, uncertainties,
and other factors that may cause the actual results, performance,
or achievements of Puma to be materially different from actual
future results and achievements expressed or implied by such
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date the statements were made, except as required by
law. Puma undertakes no obligation to publicly update or revise any
forward-looking statements. The quarterly and annual reports and
the documents submitted to the securities administration describe
these risks and uncertainties.
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