Sama Resources Inc.
TSX VENTURE : SME

Sama Resources Inc.

June 23, 2014 14:27 ET

Sama Resources Closes Fully Subscribed $1.2 Million Equity Financing

MONTREAL, QUEBEC--(Marketwired - June 23, 2014) -

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 that it has closed the second and final tranche of its previously announced non-brokered private placement (the "Private Placement") by issuing 2,777,890 units (the "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 (a "Share") and one-half of one share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder thereto to purchase for a period of twenty-four (24) months one additional Share (a "Warrant 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 ("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 (24) 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.

Shareholder Notice

Shareholders and investors that currently receive news releases or corporate updates from Sama will be receiving a direct email within a week whereby your consent to receive future Company news releases and updates will be required. In keeping up with Canada's new anti-spam law, which comes into effect on July 1, 2014, Sama is required to request and receive your consent prior to sending news releases and corporate updates. Your action to our email request is required on or before July 1, 2014.

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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