RIMOUSKI, QUEBEC--(Marketwired - Feb. 24, 2017) - Puma Exploration Inc. (TSX VENTURE:PUM)(SSE:PUMA) (the "Company" or "Puma") is pleased to announce that it has closed the asset purchase agreement (the "Transaction") with Votorantim Metals Canada Inc. and acquired approximately 67.9% beneficial interest in the Murray Brook zinc-lead-copper-silver volcanogenic massive sulphide (VMS) deposit located in the famous Bathurst mining camp of northern New Brunswick (see news release 2016-10-13). The Murray Brook property consists of mining lease 252 and contiguous mineral claim block 4925 (245 claims) located four kilometres west of the producing Caribou mine which is owned and operated by Trevali Mining Corp.
Concurrent with the Transaction, Puma also completed the acquisition of Murray Brook Minerals Inc. ("MBM") and a second tranche of its private placement for additional gross proceeds of $555,000 (see news release 2017-02-01).
Murray Brook Minerals Acquisition
Puma has completed the acquisition of the privately owned mining exploration company MBM, whose assets include four base metal (copper-zinc) properties in the Restigouche County. The MBM's shareholders were issued 36,000,000 common shares of Puma (see news release 2016-12-07). MBM is now a wholly owned subsidiary of Puma.
Private Placement
Puma closed the second tranche of a private placement (the "Offering") with qualified investors, employees, consultant and existing security holders for gross proceeds of $555,000 and issued 7,928,569 units (each a "Unit") at the price of $0.07 per Unit. Each Unit comprises one common share and one full common share purchase warrant. Each warrant gives its holder the right to purchase one common share at a price of $0.15 per share until February 24, 2019. Management and insiders of the Company have subscribed 1,354,285 Units for an amount of $94,800.
In connection with the Offering, the Company paid cash finder's fees of $14,840 and issued 212,000 finder's warrants that entitle the holder to acquire one additional common share of Puma at a price of $0.07 for 24 months.
All securities issued to purchasers and finder under the Offering are subject to a four-month hold period from the date of issuance of the securities, pursuant to applicable securities legislation and the policies of the TSX Venture Exchange. The proceeds of the Offering will be used for the exploration and development of Puma's properties in New Brunswick and for general corporate purposes.
All transactions described herein have received the conditional approval of the TSX Venture Exchange.
About Puma Exploration
Puma is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company's other major assets are the Turgeon Zinc-Copper Project, the Nicholas-Denys Project in New Brunswick and an equity interest in Black Widow Resources related to the Little Stull Lake Gold Project in Manitoba. Puma's objective for the coming year is to focus its exploration efforts in New Brunswick. Canada.
Learn more by clicking here: www.pumaexploration.com
