PUGET VENTURES INC. ANNOUNCES CLOSING OF PRIVATE PLACEMENT TO RAISE FUNDS TO FURTHER EXPANSION AND DEVELOPMENT PROGRAM ON WERNER LAKE COBALT DEPOSIT
June 30, 2010
VANCOUVER, BC (June 30, 2010) PUGET VENTURES INC (TSXV: PVS) (the "Company" or "Puget") announced today that it has closed on a brokered private placement financing of 4,200,000 flow-through common shares ("Flow-Through Shares") and 852,000 units ("Units"), raising a total of $1,515,600 in gross proceeds to the Company, brokered by MGI Securities Inc. ("the Agent" or "MGI Securities")."The proceeds of this closing will allow us to move forward on the expansion of the historic Werner Lake cobalt deposit at a time when cobalt applications, primarily in the batteries of electric vehicles, are facing high demand growth," said Erin Chutter, President of Puget Ventures Inc.
"Puget's Werner Lake property is one of only a few primary cobalt deposits in North America, providing a safe and secure supply for end-users," said John McMahon, Investment Banker, MGI Securities. "We are very pleased to play an ongoing role in the development of the company's program."
Each Unit was priced at $0.30 and consisted of one common share and one-half of a common share purchase warrant, with each whole warrant exercisable into a common share at $0.40 within an eighteen (18) month period. Each Flow-Through Share is priced at $0.30.
Proceeds of the financing will be used to continue engineering and resource expansion work on the Werner Lake West Cobalt deposit and to meet exploration commitments in the Werner Lake Belt.
Agent's compensation was paid to MGI Securities consisting of 404,160 broker warrants (the "MGI Broker Warrants"), an upfront retainer fee of $10,000, and $121,248.00 in cash, in accordance with the policies of the TSX Venture Exchange. Each MGI Broker Warrant will entitle the holder to purchase one Unit of the Company for a period of eighteen (18) months from the date of issuance at a price of $0.30 per Unit.
The securities issued under this private placement will be subject to a four-month hold period, expiring October 31 2010, under applicable Canadian securities legislation.
About Puget Ventures Inc. (www.pugetventures.com)
Puget Ventures Inc. is listed on the TSX Venture Exchange. Puget controls 100% of its lands in the Werner Lake Mineral Belt in Northwestern Ontario, which includes the advanced stage Werner West Cobalt deposit.
About MGI Securities Inc
MGI Securities Inc. is an integrated Canadian investment dealer offering professional wealth management solutions for individual investors, a comprehensive range of specialized services for institutional investors, and corporate finance advisory services for issuers, including mergers and acquisitions, equity underwritings, corporate restructuring, structured financings, market research, and business valuation services. MGI is based in Toronto, with additional offices in Winnipeg, Saskatoon, Calgary and London, Ontario. MGI is a member of IIROC and is a subsidiary of Jovian Capital Corporation (TSX: JOV). MGI has approximately $1.2 billion in client assets under administration.
For Further Information:
Ms. Erin Chutter
Mr. Michael Dehn
Suite 501 525 Seymour Street, Vancouver BC V6B 3H7
Tel: 604-688-4219
Email: info@pugetventures.com or mdehn@pugetventures.com
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.
Investor Resources
Email:
info@pugetventures.com
Phone Number:
Office: 604-688-4219
Fax: 604-608-9342 / 604-688-4215
Address:
Suite 501 - 525 Seymour Street Vancouver, BC V6B 3H7
Website:
www.PugetVentures.com
