The TSX Venture Exchange has accepted for filing the documentation relating to an acquisition agreement dated March 2, 2022, between Puma Exploration Inc. and Slam Exploration Ltd. (the vendor), in connection with the acquisition of a 100-per-cent interest in the Ferguson Brook mineral claims, composed of 42 claim units covering 912 hectares of prospective land adjacent to the Williams Brook gold project.
Pursuant to the agreement, the company shall issue 250,000 common shares and pay $15,000 in cash.
The claims are defined as two properties. Property A comprises 35 claim units that the vendor acquired by staking. Property B comprises a seven-unit portion of the claims that the vendor acquired through an underlying agreement with a third party. Slam retains a 2-per-cent net smelter return (NSR) royalty on any commercial production from property A. Fifty per cent of the NSR royalty (a 1-per-cent royalty) may be purchased by Puma for $1-million. Puma retains a right of first refusal on the remaining 1-per-cent NSR royalty that Slam holds.
Slam will retain a 1-per-cent NSR royalty on any commercial production from property B. Fifty per cent of the NSR royalty (a 0.50-per-cent royalty) on property B may be purchased by Puma for $500,000. Puma retains a right of first refusal on the remaining 0.50-per-cent NSR royalty that Slam holds. Puma will respect the terms and assume the NSR commitment of the underlying agreement on property B.
For further information, please refer to the company's news release dated March 10, 2022.
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