- Puma Exploration (PUMA) has completed its previously announced private placement, raising C$962,500 for exploration work in New Brunswick
- The company issued a total of 17.5 million units at a price of 5.5 cents, each of which comprised one common share in the company and one common share purchase warrant
- These warrants will be exercisable at a price of 10 cents per share for a period of two years from the date of issuance
- The proceeds will be used to carry out exploration work at the company’s flagship Triple Fault gold project
- Puma Exploration (PUMA) is currently up 5.56 per cent and is trading at 9.5 cents per share
Puma Exploration (PUMA) has completed its previously announced private placement, raising C$962,500 for exploration work in New Brunswick.
Under the terms of the placement, the Rimouski, Quebec-based company issued a total of 17.5 million units at a price of 5.5 cents each. These units are comprised of one common share in Puma Exploration and one common share purchase warrant.
Each warrant will entitle the holder to acquire an additional common share at a price of 10 cents, exercisable over a period of two years from the date of issuance.
In connection with the offering, Puma Exploration issued a finders’ fee to certain parties, comprised of $35,545.60 in cash and 646,283 finders’ warrants. These warrants will be exercisable at a price of 5.5 cents per share for a period of two years.
With the placement now complete, the company intends to use the proceeds to fund exploration work at its flagship Triple Fault gold project in New Brunswick.
The project covers more than 25,000 hectares and is host to four separate properties, including Williams Brook, Jonpol, Rocky Brook and Portage Lake.
The proposed program is expected to include in-depth prospecting, mapping, trenching and stripping across the entire Williams Brook property.
Puma Exploration’s technical team is currently on-site to carry out an initial reconnaissance program, focusing on the verification of road access as well as preliminary mapping and prospecting.
While drilling activities to date have been limited, previous holes have intersected 11.2 grams per tonne of gold over 2.8 metres, 8.02 grams per tonne of gold over 1 metre and 3.46 grams per tonne of gold over 2 metres.
Puma Exploration (PUMA) is currently up 5.56 per cent and is trading at 9.5 cents per share at 2:02pm EDT.
