PUMXF - Puma Closes Private Placement Offering for Gross Proceeds of $1050000 | Benzinga
RIMOUSKI, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (TSXV:PUMA, OTCQB:PUMXF) (the "Company" or "Puma") announces that it has closed a non-brokered placement (the "FT Private Placement") consisting of 8,400,000 flow-through units (the "FT Units") at $0.125 per FT Unit for gross proceeds of C$1,050,000. Each FT Unit is comprised of one flow-through share and one-half common share purchase warrant. Each whole warrant is exercisable to purchase one common share of the Company at $0.20 per share until December 15, 2025.
The warrants are subject to an acceleration clause that entitles the Company to provide notice (the "Acceleration 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 $0.45 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 FT 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 December 31, 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 offerings, the Company paid aggregate cash finder's fees of $50,693 and issued 405,540 non-transferable finder warrants. The finder warrants are exercisable before December ...