VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 07/20/11 — PUGET VENTURES INC. („Puget“) (TSX VENTURE: PVS) (the „Company“) provides the following updates to its information circular dated June 29, 2011 (the „Information Circular“) with respect to its annual and special meeting of its shareholders (the „Meeting“), to be held at 10:00 AM (Vancouver time) on July 21, 2011.
The following updates to the Information Circular are made in light of the Company-s previously announced financing (the „Offering“), through its agent Mackie Research Capital Corporation, of 15,239,000 Subscription Receipts at $1.05 per Subscription Receipt, for total gross proceeds of $16,000,950 (as opposed to $20,000,400, as previously stated in the Information Circular). The Offering was previously announced on December 6, 2010.
Each subscription receipt will entitle the holder thereof to receive, without further consideration or action, one Unit of the Company. Each Unit will be comprised of one common share and one-half of a share purchase warrant, with each whole warrant exercisable at $1.50 per share for a period of 36 months from closing. The Subscription Receipts will be converted to Units upon satisfaction of certain conditions, including but not limited to the completion of the Company-s acquisition (the „Pafra Acquisition“) of Pafra Enterprises Company Limited („Pafra“), previously announced on September 20, 2010 and more fully described in the Information Circular.
The Information Circular will be updated as described below. An addendum to the Information Circular (the „Addendum“) will be provided to the shareholders of the Company in advance of the Meeting (all undefined capitalized terms have the meaning ascribed to them in the Information Circular).
The Offering
All references to the Offering in the Information Circular will be updated to reflect the financing terms stated above, namely that the Offering will be for total gross proceeds of $16,000,950 (as opposed to $20,000,400, as previously stated in the Information Circular).
Funds Available and Use of Proceeds
The „Funds Available“ and „Use of Proceeds“ tables in the Information Circular will be updated with the following tables:
The Company-s anticipated general and administrative expenses in the 12 month period subsequent to the completion of the Pafra Acquisition and the Offering are also updated with the following table:
Share Capital
As fewer Subscription Receipts will be issued under the Offering than was previously anticipated in the Information Circular, the following tables in the Information Circular will be updated as follows:
Principal Shareholders & Shareholdings of Directors and Officers
As the number of Subscription Receipts issuable under the Offering has decreased relative to the number previously disclosed in the Information Circular, the percentage shareholdings of Imperial Mining Holdings Limited („IMHL“), the vendor in the proposed Pafra Acquisition, and the proposed directors and officers of the Company following completion of the Pafra Acquisition, will be as follows:
Pro Forma Financial Information
The revised pro forma balance sheet of the Company, assuming completion of the Share consolidation, the Pafra Acquisition and the Offering, currently attached as Appendix G of the Information Circular, will be updated and sent to the shareholders of the Company as part of the Addendum.
The following table sets out selected revised pro forma financial information of the Company, assuming completion of the Pafra Acquisition and the Offering:
About Puget Ventures Inc. ()
Puget Ventures Inc. is a Vancouver, Canada-based mineral-resource exploration company focused on the acquisition, exploration and development of strategic base metals properties, with a focus on cobalt. Puget Ventures- package of properties encompasses historic deposits and past Cobalt and Nickel-Copper-PGE producers, including the Werner Lake Mineral Belt located in North-western Ontario, Canada. On December 6, 2010, Puget announced a definitive agreement to acquire the Karakul and other mineral projects in Russia and Mongolia subject to Exchange and shareholder approval.
Cautionary Statement on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company-s expectations. Certain risk factors may also affect the actual results achieved by the Company.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the „U.S. Securities Act“) and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
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.
Contacts: Puget Ventures Inc. Mr. Mitchell Smith +1 (604) 688-4219 +1 (604) 688-4215 (FAX)
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