Puget Ventures Inc. Files Preliminary Short Form Prospectus

Puget Ventures Inc. Files Preliminary Short Form Prospectus and
Annual Information Form 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/06/12 -- PUGET
VENTURES INC. ("Puget") (TSX VENTURE:PVS) (the "Company") is pleased
to announce that it has filed and received a receipt for a
preliminary short form prospectus with respect to an offering of
subscription receipts. The Offering will be conducted on behalf of
the Company by a syndicate co-led by Euro Pacific Canada Inc. and
Jacob Securities Inc. and includes D&D Securities Inc. The Company
also filed its Annual Information Form (the "AIF") with respect to
the year ended April 30, 2012 on November 2nd, 2012, a copy of which
can be found on SEDAR. 
This short form prospectus (the "short form prospectus") qualifies
the distribution (the "Offering") of a minimum of 10,312,500
subscription receipts and a maximum of 26,668,250 subscription
receipts (the "Subscription Receipts") at a price of $0.60 per
Subscription Receipt (the "Offering Price"), for minimum total gross
proceeds of $6,187,500 (the "Minimum Offering") and maximum total
gross proceeds of $16,000,950 (the "Maximum Offering"). Each
Subscription Receipt will entitle the holder thereof to receive,
without payment of additional consideration or further action, and
subject to adjustment, upon the satisfaction of the Release
Conditions (as defined herein), one unit of the Company (a "Unit").
Each Unit will be comprised of one common share of the Company (a
"Unit Share") and one share purchase warrant (a "Warrant"). Each
Warrant will entitle the holder thereof to purchase one common share
of the Company at a price of $0.90 per share for a period of 36
months. It is anticipated that a significant portion of the funds
raised under the Offering will be used towards exploration
expenditures to be incurred on or in relation to the mining interests
that the Company will acquire in its proposed acquisition (the "Pafra
Acquisition") of Pafra Enterprises Company Limited ("Pafra") and, in
particular, the Karakul Property. Further information regarding the
Pafra Acquisition can be found in the short form prospectus, the
Company's annual information form for the year ended April 30, 2012,
and in the Company's previous news releases. 
Advancing the Karakul project will be
 the Company's primary objective
once the Pafra Acquisition and the Offering are both completed. In
preparation of fast-tracking Karakul to feasibility, the Company has
entered into a strategic funding partnership with CITIC-Anhua to
arrange full financing for development of Karakul to feasibility and
nominate and arrange for the financing for the EPC contract for
development at Karakul. CHALIECO, a subsidiary of CHINALCO has been
selected as EPC contractor to develop a Bankable Feasibility Study
for the Karakul Cobalt Project.  
These partnerships solidify the Company's objective of advancing the
Karakul Property to the development stage and establishing itself as
a leader in the strategic metals sector. Given the magnitude of these
partnerships, with not only a premier mining finance group but also a
world-class engineering corporation, the Company considers this a
significant evolution in the Company's growth and re-emergence to the
markets as Global Cobalt Corporation. 
The Karakul Property is an advanced stage exploration property
located in the Republic of Altai, Russia that is attractive for its
cobalt content. In addition, the Company notes that the Karakul
Property's attractiveness is particularly heightened relative to
cobalt projects in the politically unstable Democratic Republic of
the Congo (the "DRC"), a nation that holds the majority of the
world's cobalt reserves. The DRC announced in October a change in
mining regulations that would significantly increase state ownership
of mining projects in the jurisdiction. This stringent political
movement has the potential of creating a roadblock in the world's
supply of cobalt, tungsten and other metals from the DRC. If
successful, the Karakul Property may allow for an alternative source
of cobalt and dampen the dependency on the DRC.  
Pursuant to an agreement dated December 6, 2010, as amended (the
"Pafra Purchase Agreement") among the Company, Imperial Mining
Holdings Limited ("IMHL") and Pafra Enterprises Company Limited
("Pafra"), the Company will acquire from IMHL all of the issued and
outstanding securities in the capital of Pafra. Pafra is a private
Cyprus company, which beneficially owns certain mining interests
located in the Republic of Altai, Russia including the Karakul
Property, and in Mongolia.  
The Common Shares are listed and posted for trading on the TSX
Venture Exchange (the "TSXV") under the symbol "PVS." On September
20, 2010, the last trading day before the announcement of the Pafra
Acquisition, the closing price of the Common Shares on the TSXV was
$0.49. Trading of the Common Shares has been halted since that date.
Closing of the Offering is conditional upon the Company applying for,
and receiving, conditional approval from the TSXV with respect to the
Pafra Acquisition, and the Toronto Stock Exchange (the "TSX") for the
listing of the Common Shares for trading following the completion of
the Pafra Acquisition.  
A copy of the preliminary short form prospectus is available under
the Company's profile at www.sedar.com. The Offering is subject to
customary conditions and regulatory approval, including the approval
of the TSX Venture Exchange. This press release does not constitute
an offer to sell, or a solicitation of an offer to buy, any
Subscription Receipt and shall not constitute an offer, solicitation
or sale in any jurisdiction in which such an offer, solicitation, or
sale would be unlawful. 
About Puget Ventures Inc. / Global Cobalt Corporation  
Upon completion of the Pafra Acquisition (as defined in the amended
and restated preliminary short form prospectus), 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 will position 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 strategist. Additional information is
available at www.europac.ca. 
About Jacob Securities Inc. 
Jacob Securities Inc. is an independent full-service investment bank
providing underwriting and financial advisory services to companies
in the renewable power, infrastructure, energy and mining sectors.
The firm, which is headquartered in Toronto, primarily services small
and mid-cap issuers in North America and around the world. The firm
has comprehensive coverage of the complete energy spe
ctrum - from
renewable energy and clean technology to conventional utilities to
oil and gas to energy linked natural resources such as coal, uranium,
lithium and rare earth. Additional information is available at
About D&D Securities Inc. 
Based in downtown Toronto with approximately 30 skillful and
dedicated employees, D & D Securities is a full service investment
dealer specializing in investment banking, wealth management, retail
brokerage, and institutional sales & trading. The key to D & D
Securities success is its ability to represent creative and dedicated
entrepreneurial talent through focus, dedication, and high level of
seasoned experience and expertise to all its deals. It is through
these traits that separates D & D Securities Inc. from other
independent investment dealers. D & D Securities Inc. is a member of
the Canadian Investor protection Fund ("CIPF"), the Investment
Industry Regulatory Organization of Canada ("IIROC"), and is a
Participating Organization of the Toronto Stock Exchange. Additional
information is available at www.dndsecurities.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. 
Puget Ventures Inc.
Mr. Mitchell Smith
Corporate Development Officer
+1 (604) 688-4219
+1 (604) 688-4215 (FAX)
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