PP is closed for 4.5M!Puma Exploration Completes a Private Placement of $4.5 M
Marketwire
Puma Exploration Inc.
December 20, 2007 - 09:48:12 AM
Puma Exploration Completes a Private Placement of $4.5 M
RIMOUSKI, QUEBEC--(Marketwire - Dec. 20, 2007) -
This news release is intended for distribution in Canada only and is not
intended for distribution to United States newswire services or dissemination
in the United States. Nothing contained herein constitutes an offering of
securities of the corporation in the United States
Puma Exploration Inc. (TSX VENTURE:PUM) ("Puma") has completed a private
placement of $4,541,523 with Northern Securities Inc. Pursuant to this
placement, Puma has issued 6,025,269 flow-through common shares at a price of
$0.55 per share, 2,728,056 common shares at a price of $0.45 per share and
2,728,056 common share purchase warrants, each giving the right to subscribe
for one common share.
Each common share purchase warrant can be exercised at a price of $0.55 per
share until December 19, 2009. If the common shares of Puma have a closing
price equal to or greater than $1.00 per share for a period of 10 consecutive
trading days at any time after April 20, 2008, Puma will have the right to
notify the warrant holders in writing of its intention to change the exercise
price of the warrants. Upon receipt of such notice, the holder will have 10
business days to exercise its warrants, failing which their exercise price
will be automatically adjusted to $0.80 until their expiration.
In connection with this placement, Puma has been paid to Northern Securities
Inc. a cash commission of 8% of the aggregate gross proceeds. Northern
Securities Inc. has also received 602,527 compensation options, each of which
can be exercised at a price of $0.55 per share until December 19, 2009 and
272,806 compensation options, each of which can be exercised at a price of
$0.45 per share until December 19, 2009.
All securities issued in connection with the placement will be subject to a
hold period until April 20, 2008. The proceeds of the placement will be used
by Puma for exploration work and working capital. Further to the placement,
Puma currently has 39,841,271 issued and outstanding common shares.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rimouski Andre Proulx President 418-724-0901 president@explorationpuma.com
Montreal Christian Guilbaud Investor Relations 514-813-7862
cguilbaud@explorationpuma.com
The TSX Venture Stock Exchange disclaims any responsibility regarding the
veracity and accuracy of this press release.