Puma Exploration Inc. (TSXV: PUMA | OTCQB: PUMXF) has closed a non-brokered placement consisting of 5,000,000 charity flow-through units at C$0.125 per CFT Unit for gross proceeds of C$625,000. Each CFT unit is comprised of one charity flow-through share and one-half common share purchase warrant. Each whole warrant is exercisable to purchase one common share of the Company at C$0.15 per share until 28 March 2026.
The warrants are subject to an acceleration clause that entitles the company to provide notice to holders that they will expire 30 days from the date the company delivers the acceleration notice. The company can only provide the acceleration notice if the closing price of the company’s common shares on the TSXV is equal to or greater than C$0.30 for 30 consecutive trading days. The acceleration notice can be provided at any time after the statutory hold period and before the expiry date of the warrants.
The net proceeds of the CFT Units will be used to incur eligible Canadian exploration expenses and flow-through mining expenditures, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than 31 December 2024. The funds will be used to advance exploration at the Williams Brook Gold Project and the company’s assets in Northern New Brunswick.
In connection with the closing of the private placement offering, the company paid NO cash finder’s fees NOR finder warrants. All securities issued in connection with the private placement are subject to a four-month-and-one-day hold period expiring on July 29, 2024. The private placement has received conditional approval from the TSX Venture Exchange.
To read more about this, please visit www.explorationpuma.com
To read more news like this, please visit www.theassay.com/news
