Puma Exploration Inc. signed a definitive agreement to acquire South-East Moose Brook Property for CAD 0.26 million.

Puma Exploration Inc. (TSXV:PUMA) signed a definitive agreement to acquire South-East Moose Brook Property for CAD 0.26 million on February 1, 2022. As per the terms, Puma will acquire 100% interest and agrees to issue the Vendor on closing: (a) 0.05 million common shares of Puma and CAD 0.01 cash payment; (b)  0.05 million common shares of the Company on or before the first anniversary of the signing of the agreement; (c) 0.1 million common shares of the Company on or before the agreement's second anniversary. Puma will also pay additional performance payments to the Vendor: (1) Cash payment of CAD 0.025 million upon a positive preliminary economic assessment; (2) Cash payment of CAD 0.05 million upon a positive feasibility study; (3) One-time cash payment of CAD 0.1 upon commercial production.

The Vendor will retain a 2% net smelter return ("NSR") royalty on any commercial production from the property. Fifty percent of the NSR, or 1%, may be purchased by Puma for CAD 1 million. Puma retains the right of first refusal on the remaining 1% NSR royalty retained by the Vendor. The agreement is subject to the approval of the TSX Venture Exchange.