Puget Ventures Inc.(TSXV:PVS) announced entering into an equity financing agreement. The Company entered the agreement with Haverstock Fund, LLC with an amount of $15,000,000.
As quoted in the press release:
On April 5, 2012, the Company and Haverstock Fund, LLC (“Haverstock”) entered into a non-binding definitive agreement with respect to a potential equity facility. Under such facility, the Company may, at its sole discretion and from time to time, require Haverstock to advance up to $500,000 per advance, up to an aggregate total of $15,000,000.
Puget Ventures, President and CEO, commented:
The arrangement provides flexible funding options which will allow for the Company to fund development of the Karakul Cobalt deposit and at Werner Lake while meeting our corporate objectives and in turn maximize the return for our shareholders.