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Sama Resources Inc
Symbol SME
Shares Issued 216,516,410
Close 2021-05-04 C$ 0.15
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Seahawk Gold to acquire 3 projects from Sama

2021-05-04 17:05 ET - News Release

See News Release (C-SHV) Seahawk Gold Corp

Mr. Giovanni Gasbarro reports

SEAHAWK GOLD CORP. ANNOUNCES LIBERIAN PROPERTY ACQUISITION

Seahawk Gold Corp. has entered into an arm'-length agreement, dated April 30, 2021, with Sama Resources Inc. for the acquisition of Sama's Zwedru South project, St-John River gold project and Nuon project, each of which is located in Liberia, Africa.

The acquisition will be effected by the purchase from Sama of its subsidiary, Sama Resources Development Corp. (Sama Cayman), which holds 100 per cent of the issued and outstanding securities of Sama Resources Liberia Inc. Sama Libera holds all rights, title and interest in and to the projects. In consideration for the purchase of Sama Cayman, Seahawk will issue 8.5 million of its common shares to Sama, which will result in Sama holding 20.8 per cent of Seahawk's outstanding shares following the issuance of the consideration shares. This will not effect a change of control and there are no finders' fees payable to this transaction.

Giovanni Gasbarro, chief executive officer of Seahawk, commented that, "Seahawk is very pleased with enhancing its portfolio of exploration assets with this latest acquisition and looks forward to working with the Sama team to close the transaction and to discuss opportunities for Seahawk and Sama to collaborate in the further exploration of the projects."

The consideration shares will be subject to a four-month hold period from closing under applicable Canadian securities laws, in addition to other resale restrictions which will apply to Sama as long as it remains a control person of Seahawk. Additionally, Sama elects that the consideration shares to be held in certificate form.

The transaction is subject to various closing conditions in favour of Seahawk, including the satisfactory completion of due diligence by Seahawk, along with all applicable shareholder, regulatory and stock exchange approvals for the transaction having been received by the relevant parties

Seahawk and Sama intend to discuss the potential provision of exploration and other services by Sama to Seahawk in respect of the projects following closing, which if agreed to will be the subject of separate agreements between Seahawk and Sama.

About Seahawk Gold Corp.

Seahawk Gold is a publicly traded Canadian resource exploration company trading in Canada, the United States and Germany. Seahawk is the 100-per-cent owner of four properties along the Urban-Barry greenstone belt in the Abitibi subprovince of mining-friendly Quebec, Canada.

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