Puma Closes the Option Agreement and $1M Private Placement with Kinross Gold
News Release
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Puma Closes the Option Agreement and $1M
Private Placement with Kinross Gold
Rimouski, Québec, October 30, 2024 – Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the
“Company” or “Puma”) is pleased to announce that it has closed its Option Agreement for the Williams Brook,
Portage and Jonpol properties (collectively, the “Williams Brook Project”) announced on October 24, 2024 including a
non-brokered private placement for $1,011,473.47 with Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross”).
In connection with the Option Agreement, Kinross subscribed to 16,857,891 common shares of the Company at a price
of $0.06 (“the Offering”). Kinross now holds approximately 9.9% of Puma's issued and outstanding shares. Puma and
Kinross have also executed an investor rights agreement (the “IRA”), pursuant to which, among other things, Kinross will
be granted the right to participate in future equity financings in order to maintain its ownership percentage in the
Company or acquire up to 19.9% of the total of common shares of the Company issued and outstanding after issuance
of new securities.
The Private Placement was negotiated at arms’ length with no associated finder’s fees. All securities issued under the
Offering will have a statutory hold period of four months and one day. The net proceeds of the Offering will be used by
the Company to explore its other projects and for general corporate and working capital purposes. The Company
expects to release news regarding its short to medium-term strategy for its other 100% held properties in the coming
weeks.
The option Agreement and the Private Placement received conditional approval from the TSXV.
About Puma’s Assets in New Brunswick
Puma has accumulated an impressive portfolio of prospective gold landholdings in Northern New Brunswick – the
Williams Brook, JonPol, Portage, TIMM and Jacquet River properties. They are all located near the Rocky Brook Millstream
Fault (“RBMF”), a major regional structure formed during the Appalachian Orogeny and a significant control for gold
deposition in the region. Puma’s work to date has focused on the Williams Brook property, but prospecting and surface
exploration work on the other properties have confirmed their potential for significant gold mineralization. Puma retains
its 100% interest in the TIMM and Jacquet River properties and will continue to advance their development.
The Company is committed to its DEAR business model of Discovery, Exploration, Acquisition and Royalties to generate
maximum value for shareholders with low share dilution.
News Release
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About Puma Exploration
Puma Exploration is a Canadian-based mineral exploration company with precious metals projects in New Brunswick,
near Canada's Famous Bathurst Mining Camp. Puma has a long history in Northern New Brunswick, having worked on
regional projects for over 15 years. Puma’s successful exploration methodology, which combines old prospecting
methods with detailed trenching and up-to-date technology such as Artificial Intelligence, has been instrumental in
facilitating an understanding of the region's geology and associated mineralized systems. Armed with geophysical
surveys, geochemical data and consultants’ expertise, Puma has developed a perfect low-cost exploration tool to discover
gold at shallow depths and maximize drilling results.
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Visit www.explorationpuma.com for more information or contact:
Marcel Robillard, President and CEO.
(418) 750-8510; [email protected]
Mia Boiridy, Head of Investor Relations and Corporate Development.
(250) 575-3305; [email protected]
Neither the 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.
Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements
involve several known and unknown risks, uncertainties, and other factors that 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. The quarterly and annual reports and the documents submitted
to the securities administration describe these risks and uncertainties.