MONTREAL, QUEBEC--(Marketwired - July 11, 2016) -
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") has extended the previously announced non-brokered private placement (the "Private Placement") of up to 5,000,000 units ("Units") at a price of CAN$0.10 per Unit, for total gross proceeds of up to CAN$500,000. Each Unit will be comprised of one common share of the Company (a "Share") and one share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder thereto to purchase, for a period of five (5) years, one additional Share (a "Warrant Share") at an exercise price per Warrant Share of CAN$0.15.
The Company may pay finders' fees in cash and issue finder's warrants. All securities issued under the Private Placement will be subject to a hold period of four months and one day from the closing date. The Private Placement and finders' fees are subject to regulatory approval.
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.
Lola Graphite Property
The reader is invited to view Sama's Technical Report dated July 8, 2016, prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101"), at:
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:
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).