Puget Ventures Inc. Announces Closing of First Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA– Puget Ventures Inc. is announced the closing of the first tranche of its private placement (the “Private Placement”) announced in its news releases dated April 2nd, 2009 and April 24, 2009. Pursuant to the Private Placement, the Company issued 583,000 units (the “Units”) at a price of $0.35 per Unit for gross proceeds of $204,050, and 1,475,000 flow-through units (the “Flow Through Units”) at a price of $0.40 per Unit for gross proceeds of $590,000. Among the placees were two limited partnerships associated with MineralFields Group of Toronto, Ontario.
Each Unit is comprised of one common share (a “Share”) of the Company and one-half of a common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share of the Company for a period of eighteen months from the date of issuance at a price of $0.50 per share.
Each Flow Through Unit is comprised of one flow-through common share of the Company and one-half of a common share purchase warrant (a “FT Warrant”). Each FT Warrant will entitle the holder to purchase one additional non-flow-through common share of the Company for a period of eighteen months from the date of issuance at a price of $0.60 per share.
Finder’s fees (the “Finder’s Fee”) consisting of 63,735 broker warrants (the “Broker Warrants”), 112,500 broker options (the “Broker Options”) and $48,388.50 in cash were paid in accordance with the policies of the TSX Venture Exchange. Each Broker Warrant will entitle the holder to purchase one Share of the Company for a period of eighteen months from the date of issuance at a price of $0.50 per Share. Each Broker Option will entitle the holder to purchase one broker unit (a “Broker Unit”) of the Company for a period of eighteen months from the date of issuance at a price of $0.40 per Broker Unit. Each Broker Unit consists of one Share and one half of one broker unit warrant (a “Broker Unit Warrant”). Each whole Broker Unit Warrant is exercisable into one Share at a price of $0.60 per Share for a period of eighteen months from the date of issuance of the Broker Options.
All securities issued pursuant to the private placement are subject to a hold period expiring on September 8, 2009.
About Puget Ventures Inc.
Puget Ventures Inc. is a Toronto Venture Exchange listed mineral exploration company with a focus on copper, zinc, nickel, PGE, and cobalt. Puget is currently exploring the Trout Bay property in Red Lake, Ontario, comprising a 4000 hectare claim block. In addition, Puget has recently acquired positions in the Werner Lake Mineral Belt in Northwestern Ontario.
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