Puma Exploration Closes $1,200,000 Non-Brokered Financing

Rhea-AI Summary

Puma Exploration (OTCQB: PUMXF) closed a C$1,200,000 non-brokered flow-through private placement on December 10, 2025, issuing 6,000,000 FT Units at C$0.20 each. Each FT Unit comprises one flow-through share and one-half warrant; 3,000,000 warrants were issued, exercisable at C$0.25 until December 9, 2027, with an acceleration clause triggered if the TSXV share price is ≥C$0.40 for 30 consecutive trading days.

Net proceeds will fund eligible Canadian exploration expenses and advance the McKenzie Gold Project and other New Brunswick assets, with renunciation effective no later than December 31, 2026. Finder fees of C$76,650 and 383,250 finder warrants were paid. Directors and insiders subscribed for 100,000 FT Units for C$20,000; the related-party participation was exempt from valuation and minority approval under MI 61-101.

Positive

• Gross proceeds of C$1.2M raised via flow-through placement
• Funds dedicated to eligible exploration and McKenzie Gold Project
• Renunciation effective by Dec 31, 2026 for purchasers' tax benefits

Negative

• Issued 6,000,000 FT shares causing immediate share dilution
• Up to 3,383,250 warrants (including finder warrants) may dilute equity if exercised
• Paid C$76,650 cash finders' fees, reducing net proceeds
• Related-party subscription by insiders (100,000 FT Units) is a related-party transaction

News Market Reaction

+2.94%

1 alert

+2.94% News Effect

On the day this news was published, PUMXF gained 2.94%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Gross proceeds: C$1,200,000 FT Units issued: 6,000,000 units FT Unit price: $0.20 per FT Unit +5 more

8 metrics

Gross proceeds C$1,200,000 Non-brokered flow-through private placement

FT Units issued 6,000,000 units Flow-through units at $0.20 per unit

FT Unit price $0.20 per FT Unit Pricing of flow-through private placement

Warrant exercise price $0.25 per share Exercise price for Warrants and Finder Warrants

Warrant expiry December 9, 2027 Expiry for Warrants and Finder Warrants

Acceleration trigger price $0.40 30-day closing price required to trigger warrant acceleration

Finder fees C$76,650 cash Aggregate cash finder fees on private placement

Insider participation 100,000 FT Units for $20,000 Directors and insiders in FT Private Placement

Market Reality Check

Price: $0.1203 Vol: Volume 12,000 vs 20-day a...

low vol

$0.1203 Last Close

Volume Volume 12,000 vs 20-day average 23,694 (relative volume 0.51) shows no unusual trading ahead of this financing. low

Technical Price 0.10894 is trading above the 200-day MA at 0.07, indicating a longer-term upward bias before this financing.

Peers on Argus

PUMXF fell 6.28% while close peers showed mixed moves: GOLDSTORM METALS CORP dow...

PUMXF fell 6.28% while close peers showed mixed moves: GOLDSTORM METALS CORP down 5.16%, WESTWARD GOLD INC up 4.69%, and several peers flat. This points to a stock-specific reaction rather than a broad gold-sector move.

Historical Context

5 past events · Latest: Nov 11 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 11	Sampling & drilling update	Positive	+10.0%	High-grade McKenzie samples and start of 2,500 m inaugural drill program.
Nov 07	Sampling results	Positive	+1.3%	High-grade gold and copper trench samples at Jonpol within Williams Brook.
Oct 27	Option agreement update	Positive	-23.0%	Kinross committed to Year 2 with $3.0M work and up to 65% earn-in.
Oct 15	Drilling completion	Positive	-1.6%	3,662 m Lynx drilling finished with visible gold in several holes.
Sep 04	Program update	Positive	+1.7%	Williams Brook drilling update showing deepest visible gold intersection to date.

Pattern Detected

Recent news has generally been exploration-positive, with mixed market reactions. Some strong positive operational updates aligned with gains, but there were notable selloffs on otherwise constructive partnership and drilling news.

Recent Company History

Over the last few months, Puma reported multiple exploration milestones at Williams Brook and McKenzie. Updates included high-grade surface sampling, visible gold intersections, and a fully funded $2M program supported by Kinross, which can earn up to 65% by funding $16.75M. Market reactions varied: some high-grade sampling news in September–November 2025 saw modest gains, while the Oct 27 Kinross commitment triggered a sharp -23.01% drop. Today’s financing follows this sequence of capital-supported exploration steps.

Market Pulse Summary

This announcement details a C$1,200,000 non-brokered flow-through financing at $0.20 per unit, each ...

Analysis

This announcement details a C$1,200,000 non-brokered flow-through financing at $0.20 per unit, each with a share and half-warrant at $0.25 until December 9, 2027. Proceeds are designated for Canadian exploration expenses at McKenzie and other New Brunswick assets. In recent months, Puma highlighted high-grade sampling and Kinross-funded drilling, so this financing extends that program. Investors may watch future exploration results, warrant exercises, and any further funding steps as key markers.

Key Terms

flow-through units, flow-through share, common share purchase warrant, acceleration clause, +4 more

8 terms

flow-through units financial

"placement (the "FT Private Placement") consisting of 6,000,000 flow-through units"

Flow-through units are a type of security issued by natural-resource companies that bundles an equity stake with the right to claim certain tax deductions tied to the issuer’s exploration or development spending. For investors, they act like buying a share plus a coupon that lowers your taxable income, which can make the investment cheaper after tax but also ties returns to risky, early-stage projects and to changes in tax rules or commodity fortunes. Investors care because flow-through units change the after-tax value, dilution and risk profile of owning the company.

flow-through share financial

"Each FT Unit comprises one flow-through share and one-half (1/2) common share"

Flow-through shares are a type of equity where a company transfers the tax deductions from certain qualifying expenses (often exploration or development costs) directly to the investor, who can then claim those deductions on their own tax return. For investors this can reduce taxable income and boost after-tax returns—think of buying stock that also comes with a coupon for future tax savings—so these shares can make financing cheaper for companies and more attractive to tax-aware buyers.

common share purchase warrant financial

"and one-half (1/2) common share purchase warrant ("Warrant"). Each Warrant"

A common share purchase warrant is a tradable contract that gives its holder the right, but not the obligation, to buy a company’s common stock at a specified price within a set period. Think of it like a coupon for future shares: if the stock rises above the coupon price it can boost returns for the holder, but when used it increases the number of outstanding shares and can reduce each existing shareholder’s ownership and affect the company’s cash position.

acceleration clause financial

"The Warrants are subject to an acceleration clause that entitles the Company"

A provision in a loan or contract that lets one party require immediate fulfillment of the agreement if specific problems occur, such as a missed payment or a broken promise — like a “due now” button that speeds up the timetable. Investors care because an acceleration can force rapid debt repayment or trigger default, changing a company’s cash needs, credit risk and the value of its bonds or shares.

hold period regulatory

"securities issued in connection with the Private Placement are subject to a hold period"

A hold period is a specific span of time during which an investor is required or expected to keep a security or asset and cannot freely sell it or realize its value. It matters because it limits liquidity and can affect tax treatment, risk exposure and timing of gains or losses—like a cooling-off or fixed-term commitment that prevents you from quickly cashing out even if market conditions change.

finder warrants financial

"and issued 383,250 non-transferable finder warrants (the "Finder Warrants")."

Finder warrants are tradable rights given to a broker, advisor, or intermediary as payment for introducing new investors, allowing that finder to buy a set number of company shares at a fixed price within a defined time. They matter to investors because they can dilute existing ownership if converted and can create future selling pressure, while also signaling that the company is paying to attract capital—potential upside exists if the stock rises above the warrant price.

related party transaction regulatory

"Participation by the directors and other insiders in the private placement is considered a "related party transaction""

A related party transaction is any deal or transfer of value between a company and people or entities with close ties to it — such as executives, major owners, family members, or affiliated businesses. Investors watch these transactions because they can favor insiders over outside shareholders, skirt fair market pricing, or hide risks; like selling your car to a relative at a friendly price, they require clear disclosure and scrutiny to judge impact on value.

Multilateral Instrument 61- 101 regulatory

"pursuant to Multilateral Instrument 61- 101 - Protection of Minority Security Holders"

A multilateral instrument 61-101 is a securities regulator rule that sets special disclosure and approval steps for certain corporate deals where insiders or large shareholders are involved or where a takeover could affect minority owners. It requires clear information, independent review and sometimes a vote of unaffected shareholders so ordinary investors can judge whether a deal is fair—like bringing in an independent referee and full play-by-play for a game where the home team might bend the rules.

AI-generated analysis. Not financial advice.

Rimouski, Quebec--(Newsfile Corp. - December 10, 2025) - Puma Exploration Inc. (TSXV: PUMA) (OTCQB: PUMXF) (the "Company" or "Puma") announces that it has closed a non-brokered placement (the "FT Private Placement") consisting of 6,000,000 flow-through units (the "FT Units") at $0.20 per FT Unit for gross proceeds of C$1,200,000. Each FT Unit comprises one flow-through share and one-half (1/2) common share purchase warrant ("Warrant"). Each Warrant is exercisable to purchase one common share of the Company at $0.25 per share, until December 9, 2027.

The Warrants are subject to an acceleration clause that entitles the Company to provide notice (the "Acceleration Notice") to holders that they will expire 30 days from the date the Company delivers the Acceleration Notice. The Company can only provide the Acceleration Notice if the closing price of the Company's Common Shares on the TSXV is equal to or greater than $0.40 for 30 consecutive trading days. The Acceleration Notice can be provided at any time after the statutory hold period and before the expiry date of the warrants. All securities issued in connection with the Private Placement are subject to a hold period of four months and one day pursuant to applicable securities laws.

The net proceeds of the FT Units will be used to incur eligible Canadian exploration expenses and flow-through mining expenditures, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers, with an effective date of no later than Dec. 31, 2026. The funds will advance exploration of the McKenzie Gold Project and other company assets in northern New Brunswick.

In connection with the closing of the private placement offerings, the Company paid aggregate cash finders' fees of $76,650 and issued 383,250 non-transferable finder warrants (the "Finder Warrants"). The Finder Warrants have the same terms as the Warrants and are exercisable to purchase one common share of the Company at $0.25 per share, until December 9, 2027.

Certain directors and other insiders of the Company participated in the FT Private Placement. They subscribed for 100,000 FT Units at an aggregate price of $20,000, an amount no greater than the maximum permissible under applicable securities laws and regulatory rules. Participation by the directors and other insiders in the private placement is considered a "related party transaction" pursuant to Multilateral Instrument 61- 101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the insiders' participation in the FT Private Placement in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value (as determined under MI 61-101) of any securities issued under the private placement (and the consideration paid to the Company therefor) to interested parties (as defined under MI 61-101) did not exceed 25% of the Company's market capitalization (as determined under MI 61-101).

Qualified Person

The content of this press release was prepared by Marcel Robillard, President, who supervised the preparation of the information that forms part of this news release.

About Puma's Assets in New Brunswick

Puma has accumulated an impressive portfolio of prospective gold landholdings strategically located close to roads and infrastructure in Northern New Brunswick, including the Williams Brook Project and the McKenzie Gold Project. Both are located near the Rocky Brook Millstream Fault ("RBMF"), a major regional structure formed during the Appalachian Orogeny and a significant control for gold deposition in the region. Puma's work to date has focused on the Williams Brook property, but prospecting and surface exploration work on its other properties have confirmed their potential for significant gold mineralization. The Williams Brook Project was optioned to Kinross Gold in October 2024.

About Puma Exploration

Puma Exploration is a Canadian mineral exploration company focused on identifying and developing a pipeline of precious metals projects in New Brunswick, near Canada's Renowned Bathurst Mining Camp. Puma has a long history in Northern New Brunswick, having worked on regional projects for over 15 years.

Puma's successful exploration methodology, which combines traditional prospecting methods with detailed trenching and cutting-edge technologies such as Artificial Intelligence, has been instrumental in understanding the region's geology and associated mineralized systems. Armed with geophysical surveys, geochemical data, and consultants' expertise, Puma has developed a cost-effective exploration tool to discover gold at shallow depths and maximize drilling results.

Connect with us on Facebook / X / LinkedIn.
Visit www.explorationpuma.com for more information or contact:

Marcel Robillard, President and CEO.
(418) 750-8510; president@explorationpuma.com

Mia Boiridy, Head of Investor Relations and Director.
(250) 575-3305; mboiridy@explorationpuma.com

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. Such forward-looking statements involve several known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such 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. The quarterly and annual reports and the documents submitted to the securities administration describe these risks and uncertainties.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277631

FAQ

What did Puma Exploration (PUMXF) raise in the December 10, 2025 financing?

Puma raised C$1,200,000 by issuing 6,000,000 flow-through units at C$0.20 each.

What are the warrant terms attached to Puma's FT Units (PUMXF)?

Each FT Unit included one-half warrant (total 3,000,000 warrants) exercisable at C$0.25 until Dec 9, 2027, with a 30-day acceleration clause if TSXV ≥ C$0.40 for 30 consecutive trading days.

How will Puma (PUMXF) use the proceeds from the C$1.2M flow-through placement?

Net proceeds will fund eligible Canadian exploration expenses and advance the McKenzie Gold Project and other northern New Brunswick assets.

Did insiders participate in Puma's (PUMXF) December 2025 placement and was approval required?

Yes; certain directors and insiders subscribed for 100,000 FT Units (C$20,000). The company relied on MI 61-101 exemptions, so no formal valuation or minority approval was required.

What finder fees and warrants were paid in Puma's (PUMXF) financing?

The company paid aggregate cash finders' fees of C$76,650 and issued 383,250 non-transferable finder warrants with the same terms as the placement warrants.