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RIMOUSKI, Quebec, March 16, 2018 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (the “Company” or “Puma”) is pleased to announce the closing of a non-brokered private placement with Trevali Mining Corporation (TSX:TV) for gross proceeds of CAD $500,000 worth of Units. Each Unit was offered at a price of $0,09 and consists of one common share and one-half of a warrant. The warrants are for a three-year term and the exercise price is $0,12. The proceeds will be used to advance the Strategic Exploration Alliance announced on March 02nd, 2018.
Strategic Exploration and Development Alliance
The private placement was agreed in connection with the signature of the LOI where Puma and Trevali entered into a Strategic Alliance for the development of the Murray Brook Deposit (ML 252) and the exploration of combined mining properties in the Restigouche–Armstrong Belt of New Brunswick. Trevali will provide up to CAD $7.5 million dollars funding required to finalize the acquisition of 100% of the Murray Brook Deposit and the Murray Brook East Property.
HighlightsMurray Brook Deposit (75% TV and 25% PUMA)
- Ownership in the Murray Brook Deposit (ML 252) will be 75% TV and 25% PUMA.
- Trevali brings to the agreement its extensive expertise in advanced stage project management, with a proven track record of efficiently moving assets from exploration, through permitting and development, to production.
- Trevali will provide metallurgical and geochemical consulting expertise.
- Trevali will also provide access to the Caribou concentrator and Mine infrastructure.
- Trevali’s experience with Mi’kmaq partners will facilitate the negotiation of a new agreement with said partners.
- Trevali’s expertise and infrastructure will considerably reduce the costs of bringing to production the Murray Brook Deposit.
- Ownership in all other exploration properties held by both TV and PUMA in Restigouche -Armstrong Belt included in the Strategic Alliance (8,503Ha) will be 51% TV and 49% PUMA with Puma as manager of the exploration programs.
- The Exploration Alliance area of interest covers more than 32,000 hectares.
- Puma gains access to four (4) new properties (1,286 ha.) all 100% previously held by Trevali.
- Puma maintains 100% interest in all its other held properties in the Bathurst Mining Camp, namely; Turgeon, Nicholas-Denys, Beresford Copper, Ann’s Creek and Legacy (11,185 ha.).
This new Strategic Exploration and Development Alliance combines TV’s assets and expertise in mining with PUMA’s expertise and knowledge of the Restigouche-Armstrong belt that will benefit shareholders of both companies and allow for a more efficient development of New Brunswick’s mining resources. The completion of the transactions covered by the LOI is subject to the approval of the TSX Venture Exchange and the execution of definitive agreements before April 30th, 2018.
About Puma Exploration Inc.
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company's major assets consist of a beneficial interest in the Murray Brook Property, as well as 100% of the Turgeon Zinc-Copper Project and the Nicholas-Denys Project all located in New Brunswick. The company also hold an equity interest in BWR Resources, Manitoba. Puma’s objective is to focus its exploration efforts in New Brunswick.
About Trevali Mining Corporation
Trevali is a zinc-focused base metal company with four mines: the wholly-owned Santander mine in Peru, the wholly-owned Caribou mine in the Bathurst Mining Camp of northern New Brunswick, its 80% owned Rosh Pinah mine in Namibia and its 90% owned Perkoa mine in Burkina Faso.
Qualified Persons and QC/AC
Technical information provided in this news releases was prepared and reviewed by Marcel Robillard, P.Geo., President and Dominique Gagné, P.Geo., Vice President Exploration of Puma Exploration, qualified persons as defined by NI 43-101. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Robillard and Mr. Gagné are not independent of the Company, as both are officers and shareholders thereof.
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 Exploration Inc. 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 Exploration 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.