Kinross exercised its right, granted under the Investor Rights Agreement (“IRA”) dated October 23, 2024, to increase its ownership interest in the share capital of Puma from 9.1% to 14.8% (on an undiluted basis) and 17.4% (on a partially diluted basis). Kinross has subscribed to 12,500,000 units of Puma (the “Units”) at a price of $0.16 per unit for proceeds of $2,000,000 (the “Offering”).
Each Unit consists of one (1) common share and one-half (½) common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant may be exercised to purchase one (1) common share of the Company at $0.25 per share until December 24, 2027. The Warrants are subject to an acceleration clause which permits the Company to notify holders that the Warrants will expire 30 days after the date the acceleration notice is delivered. The Company may provide the acceleration notice only if the closing price of the Company’s common stock on the TSX Venture Exchange is equal to or greater than $0.40 for 30 consecutive trading days. The acceleration notice may be provided at any time after the statutory retention period and before the expiry date of the Warrants. All securities issued in connection with the Offering are subject to a hold period of four months and one day under applicable securities laws.
No finder’s fees were paid in connection with the Offering. The money raised will support exploration activities for Puma’s projects (where no option has been granted to Kinross) and general corporate and working capital needs.
Kinross now owns 29,550,577 common shares and 6,250,000 warrants of Puma. Under the IRA, Kinross retains the right to participate in future equity financings to maintain its ownership percentage, or to increase its interest to 19.9% of the Company’s total issued and outstanding common shares upon the issuance of additional securities.
Early warning
An early warning report filed by Kinross in connection with the investment is available on Puma’s SEDAR+ profile at www.sedarplus.ca. You may also contact Luke Crosby, Senior Vice President, General Counsel and Corporate Secretary at 647-788-4478 to obtain a copy of the report. Kinross is organized under the laws of the Province of Ontario and has its registered office at 25 York Street, 17th Floor, Toronto, Ontario M5J 2V5. Puma’s head office is located at 175 Legaré Street, Rimouski, Quebec, G5L 3B9.
Kinross acquired the units for investment purposes. Kinross may from time to time increase or decrease its investment in Puma through market transactions, private placements, Treasury issues or otherwise, including pursuant to the terms of the IRA between Kinross and Puma.
About Puma’s assets in New Brunswick
Puma has built an impressive portfolio of future gold land properties strategically located close to roads and infrastructure in Northern New Brunswick, including the Williams Brook Project and the McKenzie Gold Project. Both are located near the Rocky Brook Millstream Fault (“RBMF”), a major regional structure formed during the Appalachian Orogeny and a major control over gold deposits 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 has confirmed their potential for significant gold mineralization. The Williams Brook Project was optioned for Kinross Gold in October 2024.
About Puma exploration
Puma Exploration is a Canadian mineral exploration company focused on identifying and developing a pipeline of precious metals projects in New Brunswick, near Canada’s Bathurst Mining Camp. Puma has a long history in Northern New Brunswick, working on regional projects for more than 15 years.
Puma’s successful exploration methodology, which combines traditional prospecting methods with detailed trenching and advanced technologies such as artificial intelligence, has played an important role in understanding the region’s geology and associated mineralized systems. Armed with geophysical surveys, geochemical data and the expertise of consultants, Puma has developed a cost-effective exploration tool to discover gold at shallow depths and maximize drilling results.
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 various known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Puma to be materially different from the 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 on which the statements are 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.
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