Mr. Marcel Robillard reports
PUMA EXPLORATION RECEIVES $1.75M FROM WARRANT EXERCISE
All of the outstanding warrants issued in connection with Puma Exploration Inc.'s July, 2020, private placement financing (see news release dated July 24, 2020) have been exercised, resulting in aggregate proceeds to Puma of $1.75-million. The warrants were exercisable into one common share of the company at 10 cents per common share and expired on July 24, 2022. No commission was paid in connection with the exercise of the warrants. The company intends to use the proceeds to continue exploration on its 100-per-cent-owned Williams Brook gold project in New Brunswick, Atlantic Canada, and for general working capital purposes.
"I would like to thank our shareholders for their ongoing support and vote of confidence.
"The proceeds brought in by the exercise of the warrants strengthen our already-robust treasury.
"This influx of cash
in the current market downturn is especially welcome. The funds will allow us to advance exploration on our Williams Brook project and continue to build shareholder value," said Marcel Robillard, president and chief executive officer. "Our 2022 summer exploration program is well under way, and we look forward to another exciting summer of discovery," he added.
Puma has a total of 117,894,221 shares issued and outstanding as of today.
Canadian Securities Exchange listing of Canadian Copper Inc.
Canadian Copper commenced active trading today on the CSE under the symbol CCI. Exploration results from the 2021 drilling campaign at the Chester copper project will be announced in the coming weeks. Canadian Copper plans to increase the known copper resources on its properties and expand exploration activities across its project portfolio in New Brunswick, Canada. The next phase of exploration at the Chester property, which holds a significant historical copper resource, will begin this summer, along with regional prospecting activities.
"Puma decided to spin out its impressive portfolio of copper and base metal assets a year ago to focus on its gold discovery at Williams Book. The launch of Canadian Copper, an independent copper-focused, publicly listed company, is great news. It ensures the development of these highly prospective copper assets and delivers growth and value to Puma's shareholders. We wish Simon Quick, Canadian Copper's CEO [chief executive officer], great success as he advances the Chester project and identifies new copper and base metal opportunities in New Brunswick."
Simon Quick, chief executive officer of Canadian Copper, commented: "Today's announcement is a landmark moment for Canadian Copper. I want to thank the many stakeholders, third party professionals and our initial private investors for making this key milestone possible. Our exploration work on our large portfolio of copper and base metal assets has been ongoing since we entered into the option agreement with Puma to acquire the properties. We
are currently working
on expanding the historical copper resource at Chester and expect to issue a new mineral resource estimate (MRE) later this year."
About Canadian Copper Inc.
Canadian Copper is a Canadian-based mineral exploration company with a copper and base metal portfolio of historical resources and grassroots projects. The company is focused on the prolific Bathurst mining camp (BMC) of New Brunswick, Canada.
About Puma Exploration Inc.
Puma Exploration is a Canadian-based mineral exploration company with precious metal projects located near the famous Bathurst mining camp (BMC) in New Brunswick, Canada. The company is committed to its DEAR (development, exploration, acquisition and royalties) strategy to generate maximum value for shareholders with low share dilution.
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