- Puma Exploration Inc. (PUMA) updates on shareholders meeting, appointment of a new director, grant of options, and the acquisition of mineral claims
- The reduction of the stated capital of Puma’s common shares submitted to shareholders was approved yesterday
- Jacques Dion has been appointed to the company’s board of directors
- Puma has also signed a definitive agreement to acquire the Ferguson Brook mineral claims
- The company has granted 650,000 incentive stock options to certain directors, advisers, and consultants
- Puma Exploration Inc. (PUMA) is unchanged trading at $0.52 per share as of 3:43 p.m. EST.
Puma Exploration (PUMA) has provided business updates including the appointment of a new director, grant of options, and the acquisition of mineral claims.
The reduction of the stated capital of Puma’s common shares submitted to shareholders was approved at the meeting yesterday.
Jacques Dion has been appointed to the company’s board of directors effective immediately. Dion has more than 30 years of experience in environmental assessment, the management and transportation of hazardous materials.
Puma has also signed a definitive agreement to acquire the Ferguson Brook mineral claims from Slam Exploration Inc. The Ferguson Brook mineral claims include 42 units covering 912 hectares of prospective land.
To earn a 100 per cent interest in the Ferguson Brook mineral claims, Puma has agreed to issue Slam:
(a) a $15,000 cash payment and 250,000 common shares of Puma
(b) a $25,000 cash payment when completing a positive preliminary economic assessment
(c) a $50,000 cash payment after a positive feasibility study
(d) a $100,000 one-time cash payment when reaching commercial production
The Ferguson Brook mineral claims are defined as two properties. Property A comprises 35 claim units that Slam acquired by staking. Property B comprises a seven-unit portion that Slam acquired through an underlying agreement with a third party.
Slam retains a two per cent net smelter return (NSR) royalty on any commercial production from Property A. Fifty percent of the NSR royalty may be purchased by Puma for $1 million.
Slam will retain a one per cent NSR royalty on any commercial production from Property B. Fifty percent of the NSR royalty for Property B may also be purchased for $500,000.
According to Puma’s stock option plan, the company has granted 650,000 incentive stock options to certain directors, advisers, and consultants. The options are exercisable for $0.50 per common share until March 10, 2024.
Puma Exploration Inc. (PUMA) is unchanged trading at $0.52 per share as of 3:43 p.m. EST.
