RIMOUSKI, Quebec, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or “Puma”) announces the closing of the sale of the Chester Project to Raptor Resources Ltd. (“Raptor”) and certain amendments to the terms of the previously announced transactions (see News Releases dated March 4, 2024, July 2, 2024 and September 10, 2024). The cash and share components for the sale of the Chester Project remained unchanged, and Puma is pleased to report that Raptor has satisfied the conditions of the sale with its payment of AUD $500,000 and 4,000,000 Raptor shares.

Considering the continued deterioration of market conditions, Raptor recently notified Puma of the withdrawal of its prospectus for its initial public offering (IPO), which aimed to raise up to AUD $10 million through the issuance of shares at AUD $0.20 each but remains fully committed to its projects and focussed on carrying an IPO or reverse take over (RTO) listing on the Australian Securities Exchange (ASX) in early 2025. Given this context, Puma agreed to amendments to the initial transaction agreements to finalize the Chester Project sale. More particularly, Puma agreed to receive 4,000,000 unlisted Raptor shares that will convert to listed shares once Raptor completes its IPO or RTO listing.

The consideration receivable by Puma for the sale of the Turgeon Project remains unchanged, consisting of a cash payment of AUD $375,000 and AUD $375,000 worth of Raptor shares (listed) at the latest on June 30, 2025.

Marcel Robillard, President and CEO of Puma, commented. “We appreciate Raptor’s continued efforts to close its acquisition of the Chester Project. The AUD $500,000 payment to Puma represents a substantial non-dilutive injection of cash that allows us to continue to develop our Williams Brook Gold Project and increase shareholder value. This transaction showcases Puma’s innovative D.E.A.R. corporate strategy that has been successful time and again with property acquisitions, sales, and out-of-the-box thinking to generate added value for shareholders. This is especially critical now, at a time when markets, despite record-high commodity processes, are not supporting junior explorers.”

About Puma Exploration

Puma Exploration is a Canadian-based mineral exploration company with precious metals projects in New Brunswick, near Canada's Famous Bathurst Mining Camp ("BMC"). Puma has a long history in Northern New Brunswick, having worked on regional projects for over 15 years. As a first mover, the Company quickly and strategically accumulated an impressive portfolio of prospective gold landholdings in the area. Puma’s successful exploration methodology combines old prospecting methods with detailed trenching and up-to-date technology such as Artificial Intelligence (“AI”) to facilitate an understanding of the geology and associated mineralized systems.