15:53:34 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Sama Resources Inc
Symbol SME
Shares Issued 160,520,637
Close 2018-03-15 C$ 0.37
Market Cap C$ 59,392,636
Recent Sedar Documents

Sama to hold special shareholder meeting April 11

2018-03-15 10:25 ET - News Release

Dr. Marc-Antoine Audet reports

SAMA ANNOUNCES DATE OF SPECIAL SHAREHOLDER MEETING AND UPDATES TERMS OF STRATEGIC PARTNERSHIP WITH HPX

Sama Resources Inc.'s special meeting of shareholders will be held on Wednesday, April 11, 2018, at 1 p.m. EDT at the head office of the company to approve the previously disclosed strategic partnership with HPX TechCo Inc., updated as described herein. Only shareholders of record as of March 12, 2018, will be entitled to vote upon the transaction. The mailing of the proxy materials will be on March 15, 2018. Also, on March 15, 2018, the proxy materials can be viewed on the company's SEDAR profile and on the company's website.

HPX TechCo

The terms of the previously disclosed binding term sheet (see news release dated Oct. 23, 2017) with HPX consisted of a strategic investment in Sama of up to $12.25-million with the ability for HPX to earn into a joint venture with Sama Nickel Corp. (SNC) to acquire a total of up to a 60-per-cent interest in Sama's interest in the Cote d'Ivoire project, including the SODEMI (Societe pour le developpement minier de la Cote d'Ivoire)/SNC joint venture exploration permits (Samapleu project), by financing exploration expenses and completing the feasibility study through total investments of $30-million.

Under the terms of the term sheet, HPX would purchase 25 million units of Sama at a price of 21 cents per unit, resulting in total proceeds to Sama of $5.25-million. The units include 25 million fully vested two-year common share purchase warrants with an exercise price of 28 cents per share. Fully exercised, the private placement and warrants proceeds will total an investment of $12.25-million in Sama.

On March 12, 2018, the company and HPX executed an amended and restated term sheet with the following key highlights:

  • HPX would earn into the Cote d'Ivoire project through SNC as the joint venture vehicle.
  • Pursuant to the terms of the earn-in and joint venture agreement, HPX shall have the ability to earn a 30-per-cent interest in the Cote d'Ivoire project by incurring expenditures of $15-million. By incurring additional expenditures of $15-million (or, as may be the case, $10-million in certain circumstances discussed as follows) over a maximum of six years, including the financing of a bankable feasibility study and the acquisition of an exploitation permit on part of the Cote d'Ivoire project, HPX will be entitled to earn an additional interest in the Cote d'Ivoire project, such that its aggregate interest therein shall be 60 per cent.
  • If certain conditions related to the SODEMI/SNC joint venture are not met by an outside date (the earn-in adjustment date), then HPX shall have a period of one month after the earn-in adjustment date to notify the company in writing as to whether or not it wishes to proceed with the 60-per-cent earn-in on the totality of the Cote d'Ivoire project for:
    • A reduced additional expenditure of $10-million (instead of $15-million) in order to earn its additional 30-per-cent interest in all of the Cote d'Ivoire project;
    • Or an additional expenditure of $5-million (instead of $10-million) in order to earn its additional 30-per-cent interest in the Cote d'Ivoire project excluding the Samapleu project after the company has transferred the Samapleu project from SNC to the company or an affiliate.

Samapleu project overview

The nickel-copper-palladium-cobalt mineralization was discovered by Sama when it discovered the Yacouba layered complex of mafic and ultramafic rock. This layered complex was created approximately 2.1 billion years ago by the intrusion of magma through the Man shield. The Yacouba complex can be traced over a strike length of more than 30 kilometres within Sama's properties in Ivory Coast. Sama's Cote d'Ivoire project is located approximately 600 kilometres northwest of Abidjan and is adjacent to the world-class nickel-cobalt laterite deposits of Sipilou and Foungouesso, forming a 125-kilometre-long new base metal camp in West Africa.

About Sama Resources Inc.

Sama Resources is a Canadian-based base mineral exploration and development company with projects in West Africa.

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