Mr. Marcel Robillard reports
PUMA EXPLORATION ANNOUNCES THE COMPLETION OF CANADIAN COPPER COMMON SHARES DISTRIBUTION
Puma Exploration Inc. completed the distribution of common shares of Canadian Copper Inc. (formerly Melius Metals Corp.) as planned on June 30, 2022.
More particularly, in connection with a reduction of its stated capital in an amount of $1.5-million, which is based on the anticipated listing price of 25 cents of Canadian Copper on the Canadian Stock Exchange (CSE) and was approved by the shareholders of the company at a special meeting held on March 9, 2022 (see news release dated March 10, 2022), the company has:
- Distributed 5,635,905 common shares of Canadian Copper that were previously issued to the company to all of its shareholders other than its beneficial shareholders who are residents of the United States and who were of record on June 17, 2022;
- Paid in cash $69,340.21 (U.S.) ($91,014.02), the amount otherwise payable to the U.S. shareholders who were of record as of the record date in connection with such reduction of stated capital.
The final exchange ratio (0.053897) related to the distribution was defined using the number of Canadian Copper shares to be distributed (six million) divided by the total of Puma's share outstanding after the record date (111,322,658).
Following the distribution, Canadian Copper expects to meet the CSE public distribution requirements and be in a position for final approval for listing on the CSE. Canadian Copper has received conditional approval from the CSE to list its common shares on the CSE under the ticker CCI, subject to the satisfaction of the public distribution requirements and final approval from the CSE. The listing price of CCI is expected to be 25 cents. A date for trading will be determined upon confirmation of the conditions being met by the CSE.
Puma has also received the listing shares certificate for six million Canadian Copper shares. The shares are held in escrow and will be delivered over three years until July 12, 2025. Puma's total current Canadian Copper holding of 6,364,095 CCI shares represents 9.58 per cent of Canadian Copper.
As per the option agreement, Puma granted Canadian Copper the option to acquire 100 per cent of its copper projects in consideration of $3.5-million payable by issuing an initial 12 million Canadian Copper shares at a deemed value of 10 cents. The remaining $2.3-million is payable in cash or Canadian Copper shares over three years.
About Puma Exploration
Puma Exploration is a Canadian-based mineral exploration company with precious metals projects located near the famous Bathurst mining camp (BMC) in New Brunswick, Canada. The company is committed to its DEAR strategy (development, exploration, acquisition and royalties) to generate maximum value for shareholders with low share dilution.
We seek Safe Harbor.
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