Sama Resources Inc.
TSX VENTURE : SME

Sama Resources Inc.

April 28, 2017 07:01 ET

Sama Resources Closes Equity Financing

MONTREAL, QUEBEC--(Marketwired - April 28, 2017) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Sama Resources Inc./Ressources Sama Inc. (TSX VENTURE:SME) (the "Corporation" or "Sama") is pleased to announce the closing of the non-brokered private placement (the "Private Placement") announced on March 31, 2017 and increased on April 7, 2017. The Corporation has issued a total of 18,000,488 units of Sama ("Units") at a price of $0.15 per Unit for gross proceeds of CAD$2,700,074.95.

Each Unit is comprised of one common share of the Company (a "Share") and one share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder thereto to purchase for a period of sixty (60) months one additional Share (a "Warrant Share") at an exercise price per Warrant Share of CAN$0.20 provided that in the event that the closing price of the Company's common shares on any stock exchange is CAD$0.30 or greater per common share during a 20 consecutive trading day period at any time after the Closing Date (as defined herein), the Warrants will expire, at the sole discretion of the Company, 30 days after the date on which the Company provides notice of such fact to the holders thereof.

The Corporation paid a cash commission of $92,766 and issued 571,640 broker warrants to purchase Common Shares exercisable at a price of $0.20 per Common Share for a period of 60 months in connection with the closing of the Private Placement.

The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange. All securities issuable pursuant to the Private Placement are subject to a four month hold period from the date of issuance in accordance with applicable Canadian securities laws.

The Corporation intends to use the net proceeds of the Private Placement for exploration, working capital and general and administrative purposes.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

FORWARD LOOKING STATEMENTS

This release contains forward looking statements, including but not limited to statements with respect to the use of proceeds of the Offering. Although Sama believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Sama can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Sama's use of the proceeds of the Private Placement may vary from that described above for sound business reasons. Additional information on these and other factors that could affect Sama's operations and financial results are accessible through the SEDAR website (www.sedar.com), including the risk factors described in the Corporation's Management Discussion and Analysis for the period ended March 31, 2016. Except as required by law, Sama does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Sama is a Canadian-based mineral exploration and development company with projects in West Africa. For more information about Sama, please visit Sama's website at http://www.samaresources.com.

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