PUXPF - Puma Exploration expands Williams Brook landholdings

Puma Exploration (OTCPK:PUXPF) signed a definitive agreement to acquire 100% interest in 30 claims contiguous to its flagship Williams Brook Gold property. For the acquisition, Puma agreed to issue 50K shares and a C$10K cash payment, 50K on closure on or before the first anniversary of the signing of the agreement, 100K shares on or before the agreement's second anniversary. Also, there are some additional performance payments to the vendor which includes C$25K on a positive preliminary economic assessment, cash payment of $50K on a positive feasibility study and one-time cash payment of C$100K on commercial production. Over the past 15 months, the company completed several transactions to connect a patchwork of mining claims held by different landowners. The vendor will retain a 2% net smelter return royalty on any commercial production from the property; 50% of NSR or 1% maybe purchased by Puma for $1M.

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Puma Exploration expands Williams Brook landholdings