This claims acquisition is the latest in a string of similar purchases over the past 15 months by Puma Exploration Inc. (PUMA:TSX; PUXPF:OTC PINK) to increase the footprint of its land holdings in an emerging mining district.
To acquire the Southeast Moose Brook property, according to the agreement, Puma will pay CA$10,000 and issue 50,000 of its common shares to the seller on closing. Puma then will issue another 50,000 common shares on the first anniversary of the agreement signing and 100,000 on the second anniversary.
As for milestone payments, when a positive preliminary economic assessment has been completed, Puma will pay the seller CA$25,000 in cash. Another CA$50,000 is due when a positive feasibility study is done. The last performance-related payment is CA$100,000, due with the start of commercial production on the property.
The seller will retain a 2% net smelter returns royalty on any production.
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