Rimouski, Quebec, March 10, 2022 (GLOBE NEWSWIRE) — Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (“Company” or “Puma”) has an extraordinary general meeting of shareholders, appointment of new directors and options. Execution of grant and acquisition of another asset.
Extraordinary meeting of shareholders
As stated in the Puma Exploration Inc. Circular dated January 2022, the reduction in capital of the Company’s common stock submitted to shareholders for approval will take effect on March 9, 2022. Approved at the extraordinary general meeting of shareholders.
Jack Dion Nominates Puma’s Board of Directors
Jack Dion was immediately appointed to Puma’s board of directors. Dion has over 30 years of experience in environmental assessment, dangerous goods management and transportation, and emergency spill response planning. After the Lac-Mégantic Railroad disaster, he was the project director for the recovery and treatment of petroleum hydrocarbon-affected water. He was involved in a cleanup project for four major northern military installations: Resolution Island, FOX-C, Cape Christians, and Cape Dier. Dion also developed a solid waste management plan for the city of Iqaluit. He is a board member and founder of Avataani Environmental Services, along with a local Nunavic partner. He also served as Vice President and Director for 14 years at Qikiqtaaluk Environmental Services, an Inuit company in Iqaluit.
“”I’m glad that Jack has joined the board. ESG is woven into Puma’s fabric and Jack’s experience is very informative The Williams Brook Gold Project continues to grow. With Jack joining the board, our team has a proven track record of successful exploration, environmental assessments, and mine launches. Puma is becoming a major player in New Brunswick’s new Gold Space. We are collecting know-how to ensure continued success. “ Marcel Lobilard, Puma’s President and Chief Executive Officer, commented.
Acquisition of additional real estate
Puma is Slam Exploration Inc. Signed the final contract (“Contract”) to obtain Ferguson Brook’s mineral claims from (“Slam”). Ferguson Brook’s Mineral Claims consists of 42 claims units covering 912 hectares of future land adjacent to the Williams Brook Gold Project.
To earn 100% interest on Ferguson Brook’s mineral claims, PUMA agrees to issue a slum at the time of closing.
(A) $ 15,000 in cash payment and 250,000 shares of our common stock.
(B) Cash payment of $ 25,000 based on a positive preliminary economic assessment.
(C) $ 50,000 cash payment based on a positive feasibility study.
(D) One-time cash payment of $ 100,000 upon reaching commercial production.
Ferguson Brook’s mineral claims are defined as two properties. Property A consists of 35 claim units that Slam acquired by staking. Property B consists of 7 units of the property that Slum acquired through a “basic contract” with a third party. Slam retains a 2% net smelter revenue (“NSR”) royalty for commercial production from Property A. 50% (that is, 1%) of NSR royalties can be purchased by Puma for $ 1,000,000. Puma reserves the right to initially reject the remaining 1% NSR royalties held by Slam.
Slam retains a 1% net smelter revenue (“NSR”) royalty for commercial production from Property B. 50% of Property B’s NSR royalties (that is, 0.50%) can be purchased by Puma for $ 500,000. Puma reserves the right to initially deny the remaining 0.50% of NSR royalties held by the slums. Puma respects the terms and accepts the NSR commitment of the underlying contract for Property B. The contract is subject to approval by the TSX Venture Exchange.
In accordance with stock option plans, and subject to regulatory approval, PUMA has granted directors, advisors, and consultants to specific companies a total of 650,000 incentive stock options. The option vests immediately and can be exercised at a price of $ 0.50 per common stock until March 10, 2024.
Dominique Gagne, PGeo, a qualified person as defined in the Canadian National Instrument 43-101 Standard, has reviewed and approved the geological information reported in this news release.
PUMA has developed and implemented precautions and procedures in accordance with the health guidelines of Quebec and New Brunswick. Strict protocols have been introduced to ensure the safety of all staff, which reduces the chances of contact with the community and the spread of the virus.
About PUMA EXPLORATION
Puma Exploration is a Canada-based mineral exploration company with precious metal projects near the famous Bathurst Mining Camp (BMC) in New Brunswick, Canada.We are Dear Strategies (development, exploration, acquisitions, royalties) to create maximum value for shareholders who are less diluted.
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For more information, please visit www.explorationpuma.com or contact us below.
President, (418) 750-8510;
Head of Investor Public Relations and Corporate Development, (250) 575-3305;
Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.
Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements may indicate that Puma’s actual results, performance, or outcomes are significantly different from the actual future results and outcomes expressed or implied by such forward-looking statements. It contains many known and unknown risks, uncertainties, and other factors that can be.
Readers should be careful not to place undue reliance on these forward-looking statements, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statement. These risks and uncertainties are documented in quarterly and annual reports and documents filed with the Securities Administration.
Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d2161d64-f901-4bb4-8c15-7f101441f25a.
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