- Puma Exploration Inc. (PUMA) has provided an update on the progress of the transaction with Melius Metals Corp.
- Puma granted Melius the option to acquire 100 per cent of its copper projects for $3.5 million payable by the issuance of 12 million Melius shares of which up-to 6 million will be distributed to Puma’s shareholders in Q1 2022
- Puma’s commitments for the Chester Property in New Brunswick were also assumed by Melius and as of today, the Chester Property option has been executed and the mining claims have been transferred to Puma
- A 2,000-metre drilling program has begun on Chester, with the execution of a final $100,000 cash payment and acquisition by Puma of a 100 per cent interest on Chester
- Puma Exploration Inc. (PUMA) is unchanged trading at $0.39 per share as of 1:06 p.m. EST
Puma Exploration Inc. (PUMA) has provided an update on the progress of a transaction with Melius Metals Corp.
Puma granted Melius the option to acquire a 100 per cent interest in its copper projects for $3.5 million partially payable by issuing 12 million Melius shares.
The remaining $2.3 million is payable in cash or in Melius shares over a period of three years.
The main objective of the transaction is to unlock value from its copper property portfolio through Melius’ option to acquire all Puma’s copper exploration and development projects.
Puma’s commitments for the Chester Property in New Brunswick were also assumed by Melius.
As of today, the Chester Property option has been executed and the mining claims have been transferred to Puma.
Additionally, Melius has completed Qualifying Technical Reports on Chester and Turgeon as required for public listing purposes.
Melius also closed private placement financings for a total of $1.5 million.
A 2,000-metre drilling program has begun on Chester, with the execution of a final $100,000 cash payment and acquisition by Puma of a 100 per cent interest on Chester.
Puma has agreed to extend the satisfaction date from October 31, 2021, to January 31, 2022 to file a preliminary prospectus and extend the deadline to be listed on a Canadian Exchange from March 1 to April 30, 2022.
Melius is currently finalizing the audited financial statement to be included in the preliminary prospectus and is proceeding with an additional round of financing which is expected to close in the next few weeks.
Puma intends to hold a shareholders meeting in January 2022 to seek approval for an increase in the reduction of stated capital from $600,000 to a maximum of $2.1 million.
The objective is to reduce any potential fiscal impact on Puma’s shareholders considering anticipated changes to the listing price of Melius shares.
Puma Exploration Inc. (PUMA) is unchanged trading at $0.39 per share as of 1:06 p.m. EST.