Puma Exploration closes $400,000 private placement

2012-12-21 16:41 ET - News Release

Mr. Marcel Robillard reports

PUMA EXPLORATION CLOSES PRIVATE PLACEMENT FOR $400,000

Puma Exploration Inc. has closed a non-brokered private-placement financing of flow-through units with an institutional fund. The company issued 1,333,333 units at an issue price of 30 cents per flow-through unit for gross proceeds of $400,000. The flow-through units comprise one flow-through common share and one-half of one common share purchase warrant. Each full warrant will entitle its holder to acquire one additional common share of Puma at a price of 40 cents for 24 months.

In connection with this flow-through private placement, the company has paid a cash finder's fee to Meadowbank Asset Management in an amount of $32,000 and issued 106,666 finder's warrants that entitle the holder to acquire one additional common share of Puma at a price of 30 cents for 24 months. All securities issued to purchaser and finder under the offering are subject to a four-month hold period from the date of issuance of the securities, pursuant to applicable securities legislation and the policies of the TSX Venture Exchange. The placement has received the conditional approval of the TSX Venture Exchange.

The proceeds of the offering will be used for the exploration and development of Puma's properties in New Brunswick and Manitoba.