- Puma Exploration (PUMA) has distributed the common shares of Canadian Copper (formerly Melius Metals Corp.) as planned on June 30, 2022
- Puma Exploration distributed 5,635,905 common shares of Canadian Copper to its shareholders
- It also made a cash payment of US$69,340.21 (C$91,014.02)
- As a result of this distribution, Canadian Copper expects to meet the CSE public distribution requirements and be in a position for final approval for listing on the CSE
- Puma Exploration is a mineral exploration company with precious metals projects located near the Famous Bathurst Mining Camp (BMC) in New Brunswick
- Puma Exploration Inc. was up 2.564 per cent, trading at C$0.20 at 1:56 PM ET
Puma Exploration (PUMA) has distributed 5,635,905 common shares of Canadian Copper to all of its shareholders.
It also made a cash payment of US$69,340.21 (C$91,014.02), the amount otherwise payable to the U.S. shareholders who were of record as of the record date in connection with such reduction of stated capital.
The final exchange ratio (0.053897) related to the distribution was defined using the number of Canadian Copper shares to be distributed (6,000,000) divided by the total of Puma’s shares outstanding after the record date (111,322,658).
As a result of this distribution, Canadian Copper expects to meet the CSE public distribution requirements and be in a position for final approval for listing on the CSE.
Canadian Copper has received conditional approval from the CSE to list its common shares on the CSE under the ticker CCI, subject to the satisfaction of the public distribution requirements and final approval from the CSE.
In accordance with the option agreement, Puma granted Canadian Copper the option to acquire 100 per cent of its Copper Projects in consideration of C$3.5M payable by issuing an initial 12 million Canadian Copper shares at a deemed value of C$0.10.
The remaining $2.3 million is payable in cash or Canadian Copper shares over three years.
Canadian Copper is a Canadian-based mineral exploration company with a copper and base metals portfolio of historical resources and grassroots projects.
Puma Exploration is a Canadian-based mineral exploration company with precious metals projects located near the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada.
Puma Exploration Inc. was up 2.564 per cent, trading at C$0.20 at 1:56 PM ET.