Sama Resources Inc. (TSX-V: SME) (OTC-PK: SAMMF) and HPX Ivory Coast Holdings Inc. a subsidiary of High Power Exploration Inc. a private mineral exploration company in which mining entrepreneur Robert Friedland is the Chairman and CEO, announce that HPX has exercised the remaining Sama share purchase warrants to continue to advance the Yepleu Nickel-Copper-Cobalt-Palladium Project in Côte d’Ivoire, West Africa. Sama is exploring the Yepleu, Samapleu, Bounta and Grata Projects through a strategic partnership with HPX, utilizing HPX’s proprietary Typhoon electromagnetic geophysical survey technology.
HPX exercises Sama share purchase warrants
Sama reports that 17,857,143 share purchase warrants of the Company held by HPX have been exercised prior to the scheduled expiry date of April 13, 2020. The HPX Warrants were exercised at a price of $0.28 per warrant share for total proceeds of approximately CAD$5M. The HPX Warrants are the second and final portion of the 25,000,000 share purchase warrants held by HPX pursuant to a private placement with the Company first announced on October 23, 2017. The total proceeds from the private placement which includes the exercise of all warrants is CAD$12,250,000 representing 27% of the equity of Sama.
“Our partnership with HPX has been exemplary from the outset. The use of HPX’s Typhoon system returned high quality targets at the Samapleu and the Yepleu prospects as well as in new sectors like Bounta. Together with HPX, we have defined an aggressive work program for 2020 which includes completing Typhoon on all remaining prospective grounds coupled with an aggressive drilling program. I invite readers to refer to our corporate presentation on Typhoon results and drill targets on Sama’s website at http://samaresources.com/i/pdf/Sama_Corporate_Presentation.pdf,” stated Dr. Marc Antoine Audet, President & CEO of Sama Resources Inc.
HPX is a privately-owned, metals-focused exploration company deploying proprietary in-house geophysical technologies to rapidly evaluate buried geophysical targets. The HPX technology cluster comprises geological and geophysical systems for targeting, modelling, survey optimization, acquisition, processing and interpretation. HPX has a highly experienced board and management team led by Chief Executive Officer Robert Friedland and President Eric Finlayson, a former head of exploration at Rio Tinto. For further information, please visit www.hpxploration.com.
About Sama Resources
Sama is a Canadian-based mineral exploration and development company with projects in West Africa. On October 23, 2017, Sama announced that it had entered into a binding term sheet in view of forming a strategic partnership with HPX TechCo Inc., a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop its Côte d’Ivoire Nickel-Copper and Cobalt project in Côte d’Ivoire, West-Africa.
The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, P.Geo and President and CEO of Sama, and a ‘qualified person’, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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