Puma Exploration announces today that following the recent market activities, the company had to change the current private placement terms announced on May 27th, 2020 to increase the initial amount of $500,000 to $962,500 and the unit price to 5.5 cents.
Puma Exploration Inc., PUMA-TSXV, (“Puma”) announces today, that following the recent market activities, the company had to change the current private placement terms announced on May 27th, 2020 to increase the initial amount of $500,000 to $962,500 and the unit price to 5.5 cents. Puma is undertaking a non-brokered private placement of units, which has been conditionally approved by the TSX Venture Exchange, for a maximum of $962,500. Pursuant to the placement, Puma is offering a maximum of 17.5 million units at a price of 5.5 cents per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of 10 cents per common share for a period of 24 months after the closing.
The company will use the proceeds of the offering for purposes of working capital, and to explore its current flagship Triple Fault Gold Project. Marcel Robillard, president and CEO said: “I’m pleased to see the recent interest in our Triple Fault Gold project and with the proposed increase of the current private placement, Puma will be more aggressive on the field in order to discover new gold mineralization’’.
TRIPLE FAULT GOLD AREA
Puma is currently focusing its field work on its flagship TRIPLE FAULT GOLD PROJECT in New Brunswick. The initial phase of the program incorporates large detailed prospecting, mapping, trenching, and stripping focused over the entire Williams Brook property of the Triple Fault Gold Project.
The Triple Fault Gold Project includes four (4) properties named Williams Brook, Jonpol Gold, Rocky Brook, and Portage Lake and controls more than 25,000ha of favorable gold exploration. There are many gold occurrences up to 50.8 g/t Au, 40 g/t Au, 28 g/t Au, 17 g/t Au with previous holes intersected 11.2 g/t over 2.8m, 8.02 g/t Au over 1.0m, 1.0 g/t over 23.0m, 3.46 g/t Au over 2.0m. There has been very limited drilling and exploration in the area with excellent access by the paved Route 180 close to the mining camp infrastructure. The Dunnage Zone hosts major gold deposits and gold occurrences in siluro-devonian host rocks with the emergence of many companies in Eastern Canada for gold exploration and development.
Marcel Robillard, PGeo, qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in 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.
ABOUT PUMA EXPLORATION
Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. Great efforts will be made by the Company in the coming years to deploy its DEAR strategy (Development, Exploration, Acquisition and Royalties) in order to generate maximum value for shareholders with low shares dilution.
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 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. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.