VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/19/13 -- PUGET VENTURES INC. ("Puget") (TSX VENTURE: PVS) (the "Company") is pleased to announce that it has filed and received receipt for a final short form prospectus containing the final details of its previously announced prospectus offering (the "Offering) of units of the Company (each, a "Unit").
This final short form prospectus (the "Final Prospectus") qualifies the distribution (the "Offering") of a minimum of 10,312,500 subscription receipts and a maximum of 26,668,250 subscription receipts (the "Subscription Receipts") at a price of $0.60 per Subscription Receipt, for minimum total gross proceeds of $6,187,500 and maximum total gross proceeds of $16,000,950. Each Subscription Receipt will entitle the holder thereof to receive, without payment of additional consideration or further action, and subject to adjustment, upon the satisfaction of the Release Conditions (as defined herein), one unit of the Company (a "Unit"). Each Unit will be comprised of one common share of the Company and one share purchase warrant. Each Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.90 per share for a period of 36 months.
The syndicate for this offering is led jointly by Euro Pacific Canada Inc. and Jacob Securities Inc., and including D&D Securities Inc.
Ms. Erin Chutter, President and CEO, stated, "This is a major achievement for Puget and with endorsement by the financial community this will allow us to enable the company to achieve its vision of becoming Global Cobalt Corporation."
It is anticipated that a significant portion of the funds raised under the Offering will be used for exploration of mining interests the Company will obtain through its proposed acquisition of Pafra Enterprises Company Limited ("Pafra"), and in particular the Karakul Cobalt Project.
Pursuant to an agreement dated December 6, 2010, as amended (the "Pafra Purchase Agreement") among the Company, Imperial Mining Holdings Limited ("IMHL") and Pafra Enterprises Company Limited, the Company will acquire from IMHL all of the issued and outstanding securities in the capital of Pafra. Pafra is a private company, which beneficially owns certain mining interests located in the Republic of Altai, Russia, including the Karakul Property, and in Mongolia. (Further information regarding the Pafra Acquisition can be found in the final prospectus, the Company's annual information form for the year ended April 30, 2012, and in the Company's previous news releases.)
The Common Shares of the Company are listed and posted for trading on the TSX Venture Exchange under the symbol "PVS" and are currently halted. Closing of the Offering is conditional upon the Company applying for, and receiving, approval from the TSX Venture Exchange with respect to the Pafra Acquisition, and the Toronto Stock Exchange ("TSX") for its listing of the Common Shares for trading following the completion of the Pafra Acquisition. The Shares have been conditionally approved for listing on the TSX under the symbol "GCO", subject to the Company fulfilling all of the requirements of the TSX before the closing of the Pafra Acquisition.
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