MONTREAL, QUEBEC--(Marketwired - April 28, 2017) - Sama Resources Inc./Ressources Sama Inc. (TSX VENTURE:SME) (the "Corporation" or "Sama") is pleased to announce the closing of the non-brokered private placement (the "Private Placement") announced on March 31, 2017 and increased on April 7, 2017. The Corporation has issued a total of 18,000,488 units of Sama ("Units") at a price of $0.15 per Unit for gross proceeds of CAD$2,700,074.95.
Each Unit is comprised of one common share of the Company (a "Share") and one share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder thereto to purchase for a period of sixty (60) months one additional Share (a "Warrant Share") at an exercise price per Warrant Share of CAN$0.20 provided that in the event that the closing price of the Company's common shares on any stock exchange is CAD$0.30 or greater per common share during a 20 consecutive trading day period at any time after the Closing Date (as defined herein), the Warrants will expire, at the sole discretion of the Company, 30 days after the date on which the Company provides notice of such fact to the holders thereof.
The Corporation paid a cash commission of $92,766 and issued 571,640 broker warrants to purchase Common Shares exercisable at a price of $0.20 per Common Share for a period of 60 months in connection with the closing of the Private Placement.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange. All securities issuable pursuant to the Private Placement are subject to a four month hold period from the date of issuance in accordance with applicable Canadian securities laws.
The Corporation intends to use the net proceeds of the Private Placement for exploration, working capital and general and administrative purposes.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
