Dr. Marc-Antoine Audet reports
HPX EXERCISES FIRST TRANCHE OF WARRANTS CONTINUING ITS STRATEGIC INVESTMENT IN SAMA
Sama Resources Inc. partner HPX Ivory Coast Holdings Inc., a subsidiary of High Power Exploration Inc. (HPX), a private mineral exploration company in which mining entrepreneur Robert Friedland is the chairman and chief executive officer, will begin the exercise of Sama share purchase warrants to continue to advance the Yepleu nickel-copper-cobalt-palladium project in Ivory Coast, West Africa. Sama is exploring the Yepleu project through a strategic partnership with HPX, utilizing HPX's proprietary Typhoon electromagnetic geophysical survey technology.
HPX exercises first tranche of its Sama warrants
Sama reports that 7,142,857 share purchase warrants of the company held by HPX have been exercised prior to the scheduled expiry date of April 13, 2020. The HPX warrants were exercised at a price of 28 cents per warrant share for total proceeds of approximately $2-million. The HPX warrants are the first portion of the 25 million share purchase warrants held by HPX pursuant to a private placement with the company first announced on Oct. 23, 2017. Assuming the full exercise of the remaining 17,857,143 warrants, the total proceeds from the private placement will be $12.25-million.
"We very much value our partnership with HPX. The use of HPX's Typhoon system, and the highly accurate geophysical inversions by HPX subsidiary Computational Geosciences, is dramatically accelerating our targeting of sulphide mineralization at Yepleu. Coupled with HPX's access to capital and its in-house technical expertise, the partnership with HPX is a tremendous advantage in today's capital market environment," stated Dr. Marc Antoine Audet, president and chief executive officer of Sama Resources.
"HPX is excited by the progress on the Yepleu project. All holes drilled to date on Typhoon anomalies have encountered mineralization. With many targets yet to explore, this success means that our partnership with Sama is now attracting considerable industry attention," stated Eric Finlayson, president of HPX.
About Sama Resources Inc.
Sama is a Canada-based mineral exploration and development company with projects in West Africa. On Oct. 23, 2017, Sama announced that it had entered into a binding term sheet in view of forming a strategic partnership with HPX TechCo Inc., a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop its Cote d'Ivoire nickel-copper and cobalt project in Ivory Coast, West Africa.
The technical information in this release has been reviewed and approved by Dr. Audet, a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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