Puma Exploration Closes Private Placements for $835,800
RIMOUSKI, QUEBEC--(Marketwired - Dec 22, 2017) - Puma Exploration Inc. (TSX VENTURE:PUM)(SSE:PUMA) (the "Company" or "Puma) is pleased to announce the closing of non-brokered private placement financings of flow-through shares with qualified investors, employees and consultants. The Company issued 8,358,000 shares at an issue price of $0.10 per flow-through shares for gross proceeds of $835,800. The flow-through share comprises one flow-through common share without any warrant.
In connection with these Private Placements, the Company has paid cash finder's fees in an amount of $41,664 and issued 416,640 finder's warrants will entitle holder to acquire one additional common share of Puma at a price of $0.10 for 24 months. All securities issued to purchasers and finders under the Offering are subject to a four-month hold period from the date of issuance of the securities, pursuant to applicable securities legislation and the policies of the TSX Venture Exchange. The placements have received the conditional approval of the TSX Venture Exchange.
The proceeds of the Offerings will be used for the exploration and development of Puma's properties in New Brunswick. The technical team is on site at Murray Brook Area in order to get the drill sites and access road ready for the current drilling program. 5,000 meters of drilling is planned to begin at close proximity of the Deposit and will move next to the Murray Brook East Property contiguous to the Caribou Mining Lease held by Trevali Mining Corp. Also, Puma is proceeding with a geochemical drillcore sampling program within the footwall and hangwall zones of the Murray Brook Deposit to determine the alteration model along the favorable horizon. This alteration survey will also help defining more precisely the drilling targets.
About the Murray Brook Project
The Murray Brook Project consists of three (3) distinct contiguous areas that cover more than 18 kilometers of the favorable rocks that host the operating Caribou Mine (Trevali Mining Corp.), the Murray Brook Deposit and the past operating Restigouche Mine (Trevali Mining Corp.). From east to west, the project comprises the Murray Brook East Property (4925), the Murray Brook Mining Lease (# 252) and the Murray Brook West Property (7846) (refer to website).
The Murray Brook East and Murray Brook West Properties have been subject to various degrees of exploration and share the same potential of increasing the mineral resources defined at the Murray Brook Deposit. The Company has defined several future priority targets on these properties.
The Murray Brook deposit has a currently defined measured and indicated mineral resources of 5.28 million tonnes averaging 5.24% zinc, 1.80% lead, 0.46% copper, 68.9 g/t silver and 0.65 g/t gold. The core of the mineral resource occurs in the West Zone which is 200 meters wide, extending from surface to 300 meters vertical and the true thickness of the massive sulphide body varies from 75 meters to 100 meters. The East Zone (Copper-Gold) is 100 meters wide, also extending from surface to 300 vertical meters and is mainly mineralized with gold and copper. On February 20th 2017, a NI 43-101 report was accepted and filed on SEDAR.
About Puma Exploration Inc.
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company's major assets consist of an option to acquire 100% beneficial interest in the Murray Brook Property, the Turgeon Zinc-Copper Project and the Nicholas-Denys Project located in New Brunswick as well as an equity interest in BWR Resources, Manitoba. Puma's objective for the coming year is to focus its exploration efforts in New Brunswick.
Qualified Persons and QC/AC
The content of this press release was prepared by Marcel Robillard, P.Geo., President and Dominique Gagné, P.Geo., Vice President Exploration of Puma Exploration, qualified persons as defined by NI 43-101, who supervised the preparation and technical information that forms the basis for this news release. Neither 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. Mr. Robillard and Mr. Gagné are not independent of the Company, as both are officers and shareholders thereof. The samples were prepared, sent, processed at ALS Val D'Or, Québec and ALS Sudbury, Ontario. All samples were assayed by ME-ICP41 method and gold was assayed by AU-AA26 method. QA/QC are monitored by the analysis of blanks, reference material and replicate samples at a frequency of one (1) of each per 30 samples.
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Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma Exploration Inc. 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 Exploration undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.
Contact
Marcel Robillard, President
(418) 724-0901
president@explorationpuma.com