Sama Resources Inc.
TSX VENTURE : SME

Sama Resources Inc.

April 24, 2017 07:01 ET

Sama Resources Closes First Tranche of Equity Financing

MONTREAL, QUEBEC--(Marketwired - April 24, 2017) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Sama Resources Inc./Ressources Sama Inc. (TSX VENTURE:SME) ("Sama" or the "Company") is pleased to announce the closing of the first tranche of its previously announced increased non-brokered private placement (the "Private Placement") by issuing 13,807,161 units (the "Units) at a price of CAN$0.15 per Unit, for gross proceeds of $2,071,074.95.

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 Corporation'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 Corporation, 30 days after the date on which the Corporation provides notice of such fact to the holders thereof.

The Corporation paid a cash commission of $80,766 and issued 538,400 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.

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.

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.

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 www.samaresources.com.

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

Forward Looking Statements

This release contains forward looking statements. More particularly, this release contains statements concerning the anticipated Private Placement. 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. The closing of the Private Placement could be delayed if Sama is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned. The Private Placement will not be completed at all if these approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the Private Placement will not be completely sold, completed within the anticipated time or at all. Additional information on these and other factors that could affect Sama's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

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