Puget Ventures Inc.
TSX VENTURE : PVS

Puget Ventures Inc.

May 12, 2009 09:16 ET

Puget Ventures Inc. Announces Closing of First Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2009) - PUGET VENTURES INC. (TSX VENTURE:PVS) ("Puget" or the "Company") is pleased to announce 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.

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.

ON BEHALF OF THE BOARD

Erin Airton, President

Forward Looking Statement:

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. The Company undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

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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