03:13 PM EDT, 07/16/2020 (MT Newswires) -- Puma Exploration Inc., (PUMA.V) was at last look slightly higher on the TSX Venture Exchanged as it announced Thursday that, following the recent market activities, it had to change the current private placement terms announced on May 27th, 2020 to increase the initial amount of $500,000 to $962,500 and the unit price to $0.055.

According to a statement, Puma is undertaking a non-brokered private placement of units, which has been conditionally approved by the TSXV, for a maximum of $962,500. Pursuant to the placement, Puma is offering a maximum of 17.5 million units at a price of $0.055 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of $0.10 per common share for a period of 24 months after the closing.

The company said it will use the proceeds of the offering for purposes of working capital, and to explore its current flagship Triple Fault Gold Project. Marcel Robillard, president and CEO said: "I'm pleased to see the recent interest in our Triple Fault Gold project and with the proposed increase of the current private placement, Puma will be more aggressive on the field in order to discover new gold mineralization."

Puma is currently focusing its field work on its flagship TRIPLE FAULT GOLD PROJECT in New Brunswick. The initial phase of the program incorporates large detailed prospecting, mapping, trenching, and stripping focused over the entire Williams Brook property of the Triple Fault Gold Project.

Price: 0.075, Change: +0.005, Percent Change: +7.14