Puget Ventures Inc. Announces $15,000,000 Equity Financing with Haverstock Fund

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/04/12 -- Puget Ventures Inc. ("Puget") (TSX VENTURE: PVS) (the "Company") is pleased to announce it has entered into an equity financing agreement with New York-based Haverstock Fund, LLC in the amount of $15,000,000 (the "Financing").

On April 5, 2012, the Company and Haverstock Fund, LLC ("Haverstock") entered into a non-binding definitive agreement with respect to a potential equity facility. Under such facility, the Company may, at its sole discretion and from time to time, require Haverstock to advance up to $500,000 per advance, up to an aggregate total of $15,000,000. In consideration, the Company will issue Common Shares at a price per share to be determined at the time of each advance, based on the volume weighted average price for the five trading day period commencing on the date that the Company requests such advance (the "VWAP"). The price per share will be 91% of the greater of: (a) the VWAP and (b) the price set by the Company with respect to that advance (the "Minimum Price"). However, the amount of each advance may be reduced by up to 20% if the VWAP is below the Minimum Price, and if the amount of the advance exceeds 5% of the Company's market capitalization. In addition, Haverstock will receive an implementation fee for each such advance in an amount equal to $412,500, payable in cash or in Common Shares, on the date that the equity facility is entered into. The Company has paid Haverstock $10,000 as a reimbursement for its expenses with respect to such equity facility.

The establishment of such equity facility is subject to, among other things, the parties entering into a binding agreement with respect to same. There is no guarantee or assurance that the equity facility will be established at all, or on the terms and conditions described above. The establishment of such equity facility will also require the Company to file a base shelf prospectus with respect to same, and to file a prospectus supplement with respect to each advance. The Company does not anticipate establishing the equity facility until after the Pafra Acquisition and the Offering are completed.

Haverstock is a New York based institutional investor with an investment objective to seek capital appreciation through the general strategy of investing in public securities of US and non-US companies, through direct equity purchases from such companies. The portfolio manager of Haverstock, David Ratzker, has structured more than $300 million worth of investments in publicly traded corporations in a variety of sectors including mining, energy, cleantech and telecommunications.

"I am extremely pleased that we have entered into the agreement with Haverstock," said Erin Chutter, President and CEO. "The arrangement provides flexible funding options which will allow for the Company to fund development of the Karakul Cobalt deposit and at Werner Lake while meeting our corporate objectives and in turn maximize the return for our shareholders."

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.

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.

Contacts:

Puget Ventures Inc.

Mr. Mitchell Smith

Corporate Development Officer

+1 (604) 688-4219

+1 (604) 688-4215 (FAX)
info@pugetventures.com
www.PugetVentures.com