Dr. Marc-Antoine Audet reports

SAMA RESOURCES INC. ANNOUNCES CLOSING OF STRATEGIC INVESTMENT WITH HIGH POWER EXPLORATION INC. TO DEVELOP THE CATE DA IVOIRE NICKEL-COPPER AND COBALT PROJECT

Sama Resources Inc. has closed its private placement with HPX Ivory Coast Holdings Inc., a subsidiary of High Power Exploration Inc., a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, after receiving the required regulatory and shareholder approvals. With the strategic investment in Sama, and upon the execution of the earn-in and joint venture agreement, HPX will have the ability to earn into a joint venture with Sama to acquire a total of up to a 60-per-cent interest in Sama's interest in the Cote d'Ivoire project, including the Samapleu project, by financing exploration expenses through total investments of $30-million.

Under the terms of the strategic investment previously announced (see Oct. 23, 2017, news release), HPX agreed to purchase 25 million units of Sama at a price of 21 cents per unit, resulting in total proceeds to Sama of $5.25-million. Each unit is composed of one common share and one common share purchase warrant having a term of two years from the closing date at an exercise price of 28 cents per share. Assuming full exercise of the warrants, the gross proceeds of the private placement will total $12.25-million.

The securities issued under the private placement are subject to a four-month hold period pursuant to applicable securities laws until Aug. 14, 2018.

About Sama Resources Inc.

Sama Resources is a Canadian-based base mineral exploration and development company with projects in West Africa. For more information about Sama Resources, please visit the company's website.

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