Puget Ventures Inc.
TSX VENTURE : PVS

Puget Ventures Inc.

January 24, 2008 09:50 ET

Puget Ventures Inc. Arranges Private Placement for Trout Bay Qualifying Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2008) -

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Puget Ventures Inc. (the "Company") (TSX VENTURE:PVS) announced today that it has arranged a brokered private placement, through an agreement with Canaccord Capital Corporation (the "Agent"), consisting of 1,500,000 Units and 1,250,000 Flow-Through Shares (the "Offering") for total proceeds of $1,500,000.

This financing is subject to TSX Venture Exchange approval of Puget Ventures Inc.'s Qualifying Transaction.

Proceeds of the financing will be used to fund general exploration expenditures on Puget Ventures Inc.'s Trout Bay property in Red Lake, Ontario and for general working capital. The Trout Bay property is a Nickel-PGE and Copper-Zinc exploration project under option from Goldcorp/Red Lake Gold Mines.

Each Unit is priced at $0.50 and consists of one common share and one-half of a common share purchase warrant, exercisable into a common share at $0.75 within an eighteen (18) month period. Each Flow-Through Share is priced at $0.60.

The Agent will receive cash compensation equal to 8% of the gross proceeds raised and Agent's Warrants equal to 8% of the Units sold under the Offering. Upon closing, the Company will also pay Canaccord Capital Corporation a corporate finance fee of 50,000 Units and a $10,000 Administration Fee.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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