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Sama Resources Inc. Announces Closing of Strategic Investment with High Power Exploration Inc. to Develop the Côte d’Ivoire Nickel-Copper and Cobalt Project

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Sama Resources Inc. Announces Closing of Strategic Investment with High Power Exploration Inc. to Develop the Côte d’Ivoire Nickel-Copper and Cobalt Project

 

 

 

 

 

Sama Resources Inc. (TSX-V: SME), is pleased to announce that it has closed its private placement with HPX Ivory Coast Holdings Inc. a subsidiary of High Power Exploration Inc., a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, after receiving the required regulatory and shareholder approvals.  With the strategic investment in Sama, and upon the execution of the earn-in and joint venture agreement, HPX will have the ability to earn-into a joint venture with Sama to acquire a total of up to a 60% interest in Sama’s interest in the Côte d’Ivoire project, including the Samapleu Project, by funding exploration expenses through total investments of C$30,000,000.

 

Under the terms of the strategic investment previously announced (see October 23, 2017 news release), HPX agreed to purchase 25,000,000 Units of Sama at a price of C$0.21 per Unit, resulting in total proceeds to Sama of C$5,250,000. Each Unit is comprised of one common share and one common share purchase warrant having a term of 2 years from the closing date at an exercise price of C$0.28 per share. Assuming full exercise of the Warrants, the gross proceeds of the Private Placement will total C$12,250,000.

 

The securities issued under the Private Placement are subject to a four-month hold period pursuant to applicable securities laws until August 14, 2018.

 

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the United States Securities Act of 1933, as amended).

 

About Sama Resources

 

Sama Resources is a Canadian-based base mineral exploration and development company with projects in West Africa.

Posted April 16, 2018

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