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Sama Resources Closes Fully Subscribed $1.2 Million Equity Financing

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Sama Resources Inc./Ressources Sama Inc. (TSX-V:SME) is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement by issuing 2,777,890 units at a price of CAN$0.18 per Unit, for gross proceeds of $500,020.20. Together with the first tranche, the Company has issued a total of 6,666,789 Units under the Private Placement for aggregate gross proceeds of approximately $1.2 million.

Each Unit is comprised of one common share of the Company and one-half of one share purchase warrant. Each whole Warrant will entitle the holder thereto to purchase for a period of twenty-four months one additional Share at an exercise price per Warrant Share of CAN$0.20.

The Company paid a cash commission of approximately $25,800 in finder’s fees and issued 143,100 finder’s warrants in connection with the Private Placement. Each Finder’s Warrant will entitle the holder thereto to purchase for a period of twenty-four months one additional Share at an exercise price of CAN$0.20.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The Shares, Warrants and Finder’s Warrants issued pursuant to the Offering will be subject to a statutory four-month hold period from the date of closing of the Private Placement.

Net proceeds from the Private Placement will be used for the advancement of the Company’s exploration and development programs and for general working capital purposes related thereto.
Sama is a Canadian-based mineral exploration and development company with projects in West Africa.

Posted June 24, 2014

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