$1.6 Million Financing led by a Strategic Investment NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
RIMOUSKI, Quebec, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) announces a non-brokered private placement of $1,600,000. The Company plans to issue up to 5,000,000 units at a price of $0.32 per unit ("Unit") for gross proceeds of up to $1,600,000 (the "Offering"). Crescat Portfolio Management LLC (for itself and/or for accounts managed by Crescat Portfolio Management LLC (collectively, “Crescat”)), has agreed to be the lead order by making a strategic investment of $960,000 or representing 60% of the proposed financing. In addition, Crescat requested and secured participation rights that provide for an option to participate in future financings.
Proceeds from this Offering will be used to increase the current ongoing 2,000-meter diamond drill program to 10,000-meter at the Williams Brook Gold Project, located in New Brunswick, Canada and for general working capital purposes. “We are encouraged by the near-surface, high-grade gold that Puma is encountering in New Brunswick. We are excited to infuse capital to help the company with its goal of quintupling the planned meters of drilling this season,” commented Kevin Smith, Crescat's Chief Investment Officer.
Marcel Robillard, President & CEO of Puma, added “We are extremely pleased to welcome Crescat, as a significant strategic shareholder of the Company as we continue to unlock the mineral potential of the Williams Brook Gold Project. The confidence Crescat and its world-renowned technical advisor, Dr. Quinton Hennigh, have shown in Puma is a vindication of our belief of the potential of the Williams Brook Gold Project. This financing will allow us to advance exploration more aggressively at our flagship project which covers 27,000 hectares of favourable geological setting.”
“Puma's Triple Fault Gold Project is a grass roots success in a prolific gold belt," commented Dr. Quinton Hennigh, technical advisor to Crescat Capital. "Newfoundland has become a hot bed of exploration over the past year, but the same geology continues into New Brunswick to the southwest. Puma has identified similar high-grade gold mineralization to that seen in Newfoundland and has already identified multiple high-grade targets. Further prospecting is expected to generate more. We are very happy to join Puma as a shareholder at a time when they are beginning to drill test these exciting targets."
Each Unit will be comprised of one common share of the Company and one common share purchase warrant, with each warrant exercisable to purchase one additional common share at an exercise price of $0.50 for a period of 24 months. The Company may pay finders’ fees in relation to a portion of this Offering. The Offering and payment of finders’ fees are subject to acceptance of the TSX Venture Exchange. The Offering is fully subscribed and it is expected that the closing will occur on or about August 13, 2021 (the "Closing Date"). All securities issued pursuant to this Offering and any shares issued pursuant to the exercise of warrants will be subject to a four-month hold period from the Closing Date.
https://www.globenewswire.com/news-release/2021/08/05/2275932/0/en/Puma-Exploration-Announces-1-6-Million-Financing-led-by-a-Strategic-Investment-by-Crescat-Capital-for-960-000.html