Puma Exploration (PUM.V: Quote) announced that it has closed the announced non-brokered private placement financing of flow-through units. The Company issued 2.96 million units at an issue price of $0.30 per flow-through unit for gross proceeds of $888,180.
The flow-through units are comprised of one flow-through common share and one-half of one common share purchase warrant. Each full warrant will entitle its holder to acquire one additional common share of Puma at a price of $0.40 for 24 months.
The company also announced the closing of a second non-brokered private placement in the amount of $100,650 to satisfy the increasing demand in Puma's first placement. The Company issued 335,500 units at an issue price of $0.30 per flow-through unit and 167,750 common share purchase warrants having the same term than the above.
In connection with these flow-through Private Placements, the Company has paid cash finder's fees in an amount of $73,454 and issued 244,847 finder's warrants having the same terms as the Units.
Puma Exploration said it will use the proceeds of the offering for the exploration and development of the company's properties in New Brunswick and Manitoba.
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by RTT Staff Writer
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