Puma Exploration Inc. (TSXV: PUMA) shared on Thursday night that it has recently closed its private placement financing that raised $1.6 million for the firm.
The offering was participated, as previously announced, by Colorado-based asset management firm Crescat Portfolio Management who made an investment amounting to $0.96 million or 60% of the total financing.
The non-brokered private placement saw the company issuing 5.0 million company units at $0.32 per unit. Each unit consists of one Puma Exploration common share and one common share purchase warrant, the latter being exercisable to purchase one common share at $0.50 per share within two years from the issuance date.
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Net proceeds from the offering are expected to be used on increasing the coverage of the firm’s ongoing diamond drill program at the Williams Brook gold project from 2,000 metres to 10,000 metres, as well as general working capital purposes.
Puma Exploration last traded at $0.43 on the TSX Venture.
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