trending Market Intelligence /marketintelligence/en/news-insights/trending/hxsxx0exycc25xt5_0df5q2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

BWR, Puma ink definitive agreement over Little Stull Lake project acquisition

IFRS 9: Time is Running Out for Insurance Companies to Comply

5 Quant Research Traps to Avoid

S&P Global Market Intelligence

Wind Power by the Numbers: U.S., Canada and Mexico

Measuring The Wireline Digital Divide In The US

BWR, Puma ink definitive agreement over Little Stull Lake project acquisition

BWR Exploration Inc. executed a definitive acquisition agreement with Puma Exploration Inc. to acquire a 100% interest in the latter's Little Stull Lake gold project in Manitoba.

Under the terms, BWR will be required to pay a total of C$150,000 in three tranches to Puma as well as issue 10 million BWR common shares, according to an Oct. 7 release.

The first tranche comprising C$50,000 has been paid to Puma upon signing of the letter of intent, giving BWR a 30-day exclusive due diligence period to allow for the evaluation of the project and negotiation of a definitive agreement.

Puma is entitled to receive the remaining installments of C$50,000 each when the Edmund Lake and Kistigan mineral exploration licenses are transferred to BWR.

Meanwhile, the first 5 million BWR shares of the deal's share consideration will be issued upon the parties' execution of a definitive agreement, and on receiving exchange approval.

The remaining 5 million shares will be issued upon BWR's completion of certain development milestones.

BWR will also be required to spend C$1.5 million in exploration within the first 36 months of the effective date, whilst failure to do so will result in the issuance of an additional 5 million shares to Puma.

As agreed earlier, Puma has nominated Marcel Robillard to the BWR board. He will be appointed to the board upon the closing of the transaction.

Puma will retain a 1% non-buyable NSR if commercial production is achieved at Little Stull Lake. Meanwhile, BWR has assumed the right of first refusal to an underlying 1% NSR payable to Tanqueray Resources Inc., which is buyable in its entirety at any time for C$3 million.