VANCOUVER, Nov. 16, 2016 /CNW/ - PUF Ventures Inc. (the "Company") (CSE: PUF) (Frankfurt: PU3) (OTCPK: PUFXF) is pleased to announce that it has initiated plans for a first phase work program (the "Program") on its wholly owned Lac Saint Simon lithium property (the "Property") which is situated approximately 2 kilometers north from the boundary of Nemaska Lithium's world class Whabouchi Spodumene Project ("Whabouchi"). The Company will fund the Program using the proceeds raised from the flow-through financing that closed on November 4, 2016. At this time, the Company has commenced geological data compilation, creation of a GIS database for the region as well as generating maps to aid in planning upcoming field-work.
The proposed field-work will focus on a ground based geophysical survey of the Property and will begin once the lake is frozen. The Program will consist of a total magnetic field survey and a very low frequency – electromagnetic reading with approximately 100 metre spacing along a base line. The Company plans to have this data analyzed and interpreted by a geophysicist. The Company anticipates that this Program will constitute the bulk of the data required for a new technical report on the Property.
Derek Ivany, President and CEO of the Company stated, "This is a very exciting time for PUF's shareholders. We continue to make steady advancement with our MMPR application and are especially pleased with the escalation of the progress in the last few months. While we await further updates from Health Canada, we are eager to commence exploration and are optimistic about the development of the Property as it represents an opportunity to add value to our shareholders whilst diversifying the risk profile of our assets. In due course, if warranted by the results of the exploration program, we plan on assessing value enhancing transactions relating to the Property such as partnership, joint venture, or sale to a new entity."
Corporate Development Initiatives:
With the recent November 8, 2016 passing of a "Yes" vote in the State of Nevada for the legalization of recreational marijuana for individuals 21 and over, and the passing of Proposition 64 in the State of California also relating to legalization of recreational marijuana, the Company has begun assessing various business opportunities in these and other states that have legalized adult medical and recreational marijuana use.
"The tremendous scale and vast market opportunity in the United States that is represented by legal cannabis use is exciting," stated Mr. Ivany. "As a company, we are confident that we can utilize the skill sets of our team and directors to capitalize on this opportunity. As such, we have initiated a M&A strategy whereby we will be conducting due diligence on a variety of opportunities in short order."
About PUF Ventures Inc.
PUF Ventures Inc. is moving into the Medical Marijuana sector by purchasing a 100% interest in AAA Heidelberg, a private Ontario company that has applied for a MMPR license. Although the Company cannot guarantee nor estimate the timing for the issuance of a license to AAA Heidelberg, it is PUF's goal to become the next publicly traded Canadian company to be granted a new medical marijuana production license.
VapeTronix, a wholly owned subsidiary of the Company, is in the process of expanding its 1313 brand of electronic cigarettes and associated technologies.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
SOURCE PUF Ventures
For further information: Suite 804 - 750 West Pender Street, Vancouver, BC, V6C 2T7, T: (647) 241-4767, F: (604) 685-6905, W: www.pufventures.com