03:40:23 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Sama Resources Inc
Symbol SME
Shares Issued 138,759,442
Close 2017-11-27 C$ 0.28
Market Cap C$ 38,852,644
Recent Sedar Documents

Sama investment SRG receives $1.3M in warrant exercise

2017-11-28 13:33 ET - News Release

Dr. Marc-Antoine Audet reports

SAMA RESOURCES REPORTS ON SRG GRAPHITE INC. CASH INFUSION

Sama Resources Inc. investment SRG Graphite Inc. has noted that Coris Capital SA has filed an early warning report regarding the exercise of 2,625,000 share purchase warrants at a price of 50 cents per warrant share, thereby securing beneficial ownership of or control and direction over an additional 2,625,000 common shares.

"The exercise of these warrants further enhances the treasury of SRG (by over $1.3-million) for the development work required to advance its Lola graphite project in the Republic of Guinea, West Africa. Increased funding and activity at the Lola graphite project is material to Sama shareholders due to Sama's ownership of over 24.6 million shares of SRG, so we are pleased to see the confidence Coris has placed in SRG with its early exercise of the warrants. The current market value of the SRG stock position held by Sama is in excess of $31-million," stated Marc-Antoine Audet, president and chief executive officer of Sama.

The warrants were previously issued by way of private placement, at which time Coris acquired the beneficial ownership of, or control and direction over 7.5 million share units of SRG at a price of 40 cents per unit, with each unit consisting of one common share and one-half of one non-transferable share purchase warrant. Each whole warrant entitled the holder to purchase one common share under the terms of a subscription agreement for an aggregate purchase price of 40 cents and each warrant entitled the Coris to acquire one common share at a purchase price of 50 cents for a period of 24 months following the closing date of the private placement.

The proceeds of the transaction will be used to build an on-site laboratory to prepare graphite concentrate for potential off-takers. Funds will also be used to extend the current drilling program by an additional 6,000 metres.

Sama holds a control position in SRG of 24,658,267 shares, representing 40.3 per cent of the issued and outstanding shares of SRG, and is considered an insider for reporting purposes.

We seek Safe Harbor.

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