May 5 2017
Puma Exploration Inc. is pleased to announce that it has secured the option to acquire the remaining 32.1% beneficial interest from El Nino Ventures Inc., upon the terms described in the press release dated May 1st, 2017, in the Murray Brook property by completing the initial requirements.
The Murray Brook property, located in the famous Bathurst mining camp of northern New Brunswick, 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.
On February 24th, 2017, Puma Exploration closed the purchase agreement with Votorantim Metals Canada Inc and with today announcement, Puma now holds an option to acquire 100% beneficial interest in the Murray Brook Property. With new properties staked, Puma controls or has an option to control 100% interest over more than 18 kilometers of one of the best Zinc potential area that cover the favorable rock hosting the operating Caribou Mine (Trevali Mining Corporation), the Murray Brook Deposit and the past operating Restigouche Mine.
As part of the TSX Venture Exchange requirements, Puma closed a first tranche of a private placement (the "Offering") with qualified investors, employees, consultant and existing security holders for gross proceeds of $140,000 and issued 2,000,000 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 04 May, 2017.
In connection with the Offering, the Company paid cash finder's fees of $2,240 and issued 32,000 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 finders 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.