Puget Ventures Inc.
TSX VENTURE : PVS

Puget Ventures Inc.

December 05, 2011 09:51 ET

Puget Ventures Inc. Engages Syndicate in Prospectus Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

PUGET VENTURES INC. ("Puget") (TSX VENTURE:PVS) (the "Company") is pleased to announce that it has engaged a syndicate co-Led by Euro Pacific Canada ("Euro Pacific") and Octagon Capital Corporation ("Octagon") and including D&D Securities Inc. ("D&D") to raise a minimum of $5,750,000 and a maximum of $16,000,950 by way of a marketed short form prospectus offering of subscription receipts.

The financing is undertaken in conjunction with the previously announced "Pafra Acquisition" transaction, pursuant to which the Company will acquire beneficial ownership of mining interests located in the Altai Republic of Russia, including the Karakul cobalt project. Proceeds from this financing will be used for accelerating the confirmation and development program on the Karakul cobalt project and neighbouring assets in the Altai Republic of Russia, as well as for general working capital purposes. The offering is subject to the approval of the TSX Venture Exchange, and the completion of the Pafra Acquisition.

Erin Chutter, Chief Executive Officer and President of the Company, stated, "We are delighted to be proceeding with this public financing under the sponsorship of these three premier mining investment banks."

The Company will no longer be proceeding to market the previously announced financing with Mackie Research Capital.

About Puget Ventures Inc. / Global Cobalt Corporation

Upon completion of the Pafra Acquisition, Puget Ventures Inc. will be renamed Global Cobalt Corporation, and will be a Canada-based strategic metals company focused on the development of a new mining region in the Republic of Altai. As first mover into this new jurisdiction, Global Cobalt is positioning itself as a pioneer in an untapped region as the first and only foreign-invested publicly traded mining company to advance mineral projects in Altai. Global Cobalt will leverage the world-class Karakul Project and intends to explore other economically feasible projects held under right-of-first-refusal while aggressively expanding and exploring existing properties to supply the growing demand for cobalt and other strategic metals.

About Euro Pacific Canada

Euro Pacific Canada is an IIROC registered brokerage headquartered in Toronto, Ontario specializing in foreign markets, precious and strategic metals investing. The firm offers an integrated platform of investment banking, institutional sales and trading, research, and private client services following the advice laid out by Euro Pacific Capital's Chief Global Strategist, Peter Schiff, an internationally recognized economist and market strategies. Additional information is available at ww.europac.ca.

Cautionary Statement on Forward-Looking Information: Certain information contained in this news release, including any information relating to Puget or Global Cobalt's future financial or operating performance may be deemed "forward looking". All statements in this news release, other than statements of historical fact, that address events or developments that Puget expects to occur, are "forward-looking statements." Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "does not expect", "plans", "anticipates", "does not anticipate", "believes", "intends", "estimates", "projects", "potential", "scheduled", "forecast", "budget" and similar expressions, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond Puget's ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key assumptions upon which Puget's forward-looking statements are based include the following: Puget's ability to complete the Pafra Acquisition; its ability to successfully integrate, explore, develop and operate the Karakul Property; that cobalt prices will not fall significantly; that Global Cobalt will be able to secure new financing to continue its operations on an as-needed basis; that there are no significant changes to applicable laws in the geographic areas in which Global Cobalt will operate; that Global Cobalt will obtain regulatory approvals in a timely manner; the absence of material adverse effects; Global Cobalt's ability to achieve its growth strategy; and that Global Cobalt's operating costs will not increase significantly. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, and unusual or unexpected formations. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. Puget expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except in accordance with applicable 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.

Contact Information