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 will begin the exercise of 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 Project through a strategic partnership with HPX, utilizing HPX’s proprietary Typhoon electromagnetic geophysical survey technology.
HPX exercises first tranche of its Sama warrants
Sama reports that 7,142,857 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$2 million. The HPX Warrants are the first 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. Assuming the full exercise of the remaining 17,857,143 warrants, the total proceeds from the private placement will be C$12,250,000.
“We very much value our partnership with HPX. The use of HPX’s Typhoon system, and the highly-accurate geophysical inversions by HPX subsidiary Computational Geosciences, is dramatically accelerating our targeting of sulphide mineralization at Yepleu. Coupled with HPX’s access to capital and its in-house technical expertise, the partnership with HPX is a tremendous advantage in today’s capital market environment.” Stated Dr. Marc Antoine Audet, President & CEO of Sama Resources Inc.
“HPX is excited by the progress on the Yepleu Project. All holes drilled to date on Typhoon anomalies have encountered mineralization. With many targets yet to explore, this success means that our partnership with Sama is now attracting considerable industry attention.” Stated Eric Finlayson, President of HPX.
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.
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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