Pursuant to the Offering, a total of 10,000,000 flow-through common shares (the 'Flow-Through Shares') of the Company were sold at a price of
'I am so proud of Puma's excellent and dedicated work on the
The gross proceeds of the Flow-Through shares sold under the Offering will be used to explore Puma's
One insider of the Company acquired 40,000 Flow-Through Shares pursuant to the Offering. Such participation is considered to be a 'related party transaction' as defined under Multilateral Instrument 61-101 ('MI 61-101').
The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Offering by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report more than 21 days before the expected closing of the Offering, as the details of the Offering were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons and in a timeframe consistent with usual market practices for transactions of this nature.
As consideration for its services in connection with the Offering, the Company has paid the Agent a cash commission of 7.0% of the gross proceeds of the Offering and issued to the Agent broker warrants ('Broker Warrants') equal to 5.0% of the number of Flow-Through Shares sold under the Offering. Each Broker Warrant will entitle the holder thereof to acquire one common share of the Company at the Offer Price for a period of 24 months from the Closing Date.
The
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the '
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Forward-Looking Statements
This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.
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