Home Substantial portion Puma Exploration announces a record date as part of a

Puma Exploration announces a record date as part of a

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RIMOUSKI, Quebec, June 09, 2022 (GLOBE NEWSWIRE) — Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the “Company” Where “Puma“) is pleased to announce the expected timing and additional details regarding a previously announced distribution of common stock of Canadian Copper Inc. (“Canadian copper”) (formerly Melius Metals Corp.).

Specifically, in connection with a reduction of its stated capital of $1.5 million, which is based on a deemed price of C$0.25 per Canadian Copper common share and was approved by shareholders of the Company at an extraordinary meeting held on March 9, 2022 (see press release of March 10, 2022), the Company:

  1. distribute a substantial portion of the 6,000,000 common shares of Canadian Copper which were previously issued to the Company (the “Distribution“) to all of its shareholders other than its Beneficial Shareholders who are residents of the United States (the “US shareholders”) and which will be registered as of June 17, 2022 (the “Registration Date”); and
  2. pay in cash, in U.S. dollars, the amount otherwise payable to U.S. Shareholders who will be of record on the Record Date in connection with such reduction in stated capital (the “Cash payment”).

Based on the 107,587,244 common shares of Puma issued and outstanding as of the date hereof and assuming that 7,000,000 common shares of Puma will be held by U.S. shareholders as of the record date, each shareholder of Puma who is not a U.S. Shareholder would be entitled to receive approximately 0.0521 of a common share of Canadian Copper for each common share of Puma held on the record date (equivalent to one (1) common share of Canadian Copper for each approximately 19.178 common shares of Puma)

The final distribution-related exchange ratio and the exact amount of the cash payment that will be payable to US shareholders will both be determined as soon as practicable after the record date.

The distribution and cash payment must take place on or about June 30, 2022.

For more information, please contact Marcel Robillard, President and CEO of Puma.

UPDATED OPTION AGREEMENT
All conditions precedent under the option agreement with Canadian Copper (the “Option contract”) (see press release of July 6, 2021, November 11, 2021 and February 14, 2022) are now satisfied. Transactions with Canadian Copper under the Option Agreement remain subject to final approval by the TSX Venture Exchange.

Puma has therefore decided to proceed with a reduction of its stated capital for an amount of $1.5 million and to set a record date of June 17, 2022 for the Distribution and the Cash Payment.

Following the distribution, Canadian Copper expects to comply with the public distribution requirements of the Canadian Stock Exchange (the “CSE”) and be able to obtain final approval for CSE registration.

REGULATORY APPROVAL STATUS UPDATE
Canadian Copper has obtained a receipt for its final long form non-offering prospectus dated May 24, 2022 (the “Prospectus”) of the Ontario Securities Commission. The prospectus has been filed under the Multilateral Instrument 11-102 Passport System in British Columbia, Alberta and New Brunswick.

Along with its prospectus, Canadian Copper has also received conditional approval from the CSE to list its common shares on the CSE under the symbol “CCI”, subject to the satisfaction of public distribution requirements and final approval by the CSE. CCI’s listing price is expected to be set at $0.25 CAD. A trading date will be determined after confirmation of compliance with the conditions.

ABOUT CANADIAN COPPER INC.

Canadian Copper is a Canada-based mineral exploration company with a copper and base metals portfolio of historic resources and base projects. The company is focused on the prolific Bathurst Mining Camp (BMC) in New Brunswick, Canada.

For more information please contact:

Simon Quick,
Director and CEO, (905) 220-6661
[email protected]
[email protected]

ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian based mining 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 shareholder value with low share dilution.

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Visit www.explorationpuma.com for more information or contact:

Marcel Robillard,
President, (418) 750-8510;
[email protected]

Mia Boiridy,
Head of Investor Relations and Corporate Development, (250) 575-3305; [email protected]

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. These forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that may cause Puma’s actual results, performance or achievements to be materially different from any actual future results and achievements expressed or implied. by these forward-looking statements.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.