Puma Exploration completes $2 million private placement with Kinross

Puma Exploration Inc. (TSXV: PUMA) (OTCQB: PUMXF) completed a $2 million private placement with Kinross Gold Corporation on December 24, 2024, according to a company statement.

Kinross exercised rights under an investor agreement dated October 23, 2024, to increase its ownership in Puma from 9.1% to 14.8% on an undiluted basis and 17.4% on a partially diluted basis. The gold company purchased 12.5 million units at $0.16 per unit.

Each unit consists of one common share and half of a common share purchase warrant. The warrants allow holders to purchase additional shares at $0.25 each until December 24, 2027. The warrants include an acceleration clause permitting Puma to provide 30-day expiry notice if its shares trade at or above $0.40 for 30 consecutive trading days.

The securities carry a four-month and one-day hold period under applicable securities laws. No finder's fees were paid for the transaction.

Following the placement, Kinross holds 29.55 million common shares and 6.25 million warrants of Puma. The investor agreement grants Kinross rights to participate in future equity financings to maintain its ownership percentage or increase holdings up to 19.9% of outstanding shares.

Puma stated the funds will support exploration activities on projects not optioned to Kinross, along with general corporate and working capital requirements. The company operates gold exploration projects in New Brunswick, including the Williams Brook Project, which was optioned to Kinross in October 2024.

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