Sama Resources Inc. (TSX VENTURE:SME) is pleased to announce the closing of its previously announced non-brokered private placement with MMG Exploration Holdings Limited, a subsidiary of MMG Limited; International Finance Corporation; and others of 12,825,000 units. The Units were issued at a price of CAN$0.20 per Unit, for total gross proceeds of CAN$2,565,000. Each Unit is comprised of one common share of the Company and one-half of one share purchase warrant. Each whole Warrant entitles the holder to purchase for a period of one year from the date of issuance one additional Share at an exercise price of CAN$0.30 per Warrant Share until the Expiry Date.
No finders’ fees or commissions were payable in connection with the Private Placement. Net proceeds from the Private Placement will be used for the advancement of the Company’s exploration and development programs for the Samapleu Project in Cote d’Ivoire and for general working capital purposes related thereto. The Shares and Warrants comprised in the Units and any Warrant Shares issuable upon exercise of the Warrants are subject to a hold period which expires on October 1, 2013.
Sama is a Canadian-based mineral exploration and development company with projects in West Africa.
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We acknowledge the [financial] support of the Government of Canada.