Puget Ventures Inc.

Puget Ventures Inc.

June 24, 2010 07:27 ET

Puget Ventures Inc. Announces Private Placement to Raise Funds to Further Expansion and Development Program on Werner Lake Cobalt Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2010) - PUGET VENTURES INC. (TSX VENTURE:PVS) is pleased to announce it has engaged MGI Securities Inc. (the "Agent") of Toronto, Ontario to arrange for brokered private placement financings of flow-through common shares (the "Flow-Through Shares") and units (the "Units") of the Company.

The private placement of Flow-Through Shares will consist of an offering of up to 4,200,000 Flow-Through Shares of the Company at a price of $0.30 per Flow-Through Share for aggregate gross proceeds of up to $1,260,000.

The private placement of Units will consist of an offering of up to 850,000 Units at a price of $0.30 per Unit for aggregate gross proceeds of up to $255,000. Each Unit will be comprised of one common share in the capital of the Company (a "Common Share") and one half of one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share for a period of 18 months after the closing of the offering at an exercise price of $0.40 per Common Share.

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.

The Agent will receive cash compensation equal to 8.0% of the gross proceeds raised and Agent's Warrants equal to 8.0% of the shares sold under the Offering.

The shares issued under this private placement will be subject to a four month hold period under applicable Canadian securities legislation.

This placement is expected to close on or about July 2, 2010

This financing is subject to regulatory approval.

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 $1.1 billion in client assets under administration.

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.

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