RIMOUSKI, Quebec, Oct. 03, 2019 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (PUMA.V) (the "Company" or "Puma") is pleased to announce the results of its Annual and Special Meeting of Shareholders (“ASM”) held on October 03, 2019 in Rimouski, Quebec.
All matters submitted to shareholders for approval as set out in the Company’s Circular dated August 20, 2019 were approved. A total of 75,730,197 common shares were voted at the ASM, representing 32.6% of the issued common shares of the Company.
These matters included the appointment of directors and auditors, and the adoption of a special resolution amending the articles of incorporation of Puma in order to consolidate its common shares on the basis of one (1) new common share for each tranche of ten (10) common shares currently issued and outstanding.
The following Directors have been elected with an approval rate of 99.8% or more: Marcel Robillard, Richard Thibault, and Raphael Fournier. Mallette L.L.P. were appointed as the auditors for the financial year ending February 29, 2020 with an approval rate of 99.8%.
Also, the Company received strong support from its shareholders for the consolidation of its common shares with an approval rate of 99.9%. The Board of Directors is currently evaluating the best strategy concerning the consolidation and will advise shareholders accordingly in a timely manner.
In addition, during the meeting of the Board of Directors that followed the ASM, Marcel Robillard was re-elected as president, CEO and Chairman of the Board and Ginette G. Brisson was re-elected to the positions of CFO and Secretary. Richard Thibault, Marcel Robillard, and Raphael Fournier will form the audit committee.
ABOUT PUMA EXPLORATION
Puma is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. While the priority remains to secure and finalize the acquisition of the Murray Brook project, emphasis will also be directed towards the exploration of the new targets identified around the existing deposits at Murray Brook and Chester, but also within underexplored targets located on both favourable horizons within the properties.
The Company’s objective for 2019-20 also includes selling undervalued assets in order to increase the value of the Company for its shareholders. Puma holds 14,200,000 shares of Targets Minerals, exploring for precious metals (Gold-Silver) in New Brunswick and 4,750,000 shares of BWR Resources exploring for gold in Manitoba, and also has an option agreement with Rio Tinto for the Red Brook Project in New Brunswick.
QUALIFIED PERSONS AND QC/AC
Technical information provided in this news release was prepared and reviewed by Marcel Robillard, P.Geo., President of Puma Exploration, qualified person as defined by NI 43-101. Neither 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. Mr. Robillard is not independent of the Company, as is officer and shareholders thereof.
Marcel Robillard, President
Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which 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. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.