Sama Resources Announces Acceleration of Expiry of Warrants
MONTREAL, Nov. 29, 2017 (GLOBE NEWSWIRE) -- Sama Resources Inc. ("Sama" or the "Company") (TSX-V:SME) today announced that it has elected to accelerate the expiry date of the warrants (the "Warrants") issued as part of its private placement unit offering (the "Private Placement") announced on April 7, 2017. The warrants currently expire on April 19, 2022 and April 25, 2022.
Pursuant to the terms of the Private Placement, if the closing price of the Company’s shares on the TSXV is $0.30 per share or greater for twenty (20) consecutive trading days, the Company is entitled to accelerate the expiry date of the Warrants to a date thirty (30) days from the date notice of such acceleration is provided to holders of Warrants. The Company has elected to provide notice of such acceleration to the holders of Warrants.
This press release constitutes notice to Warrant holders of the new expiry time. Any Warrants remaining unexercised after the new expiry time will be cancelled.
Effective today, the Warrants issued to the purchasers pursuant to the Private Placement are set to expire at 4:30 p.m. (Vancouver time) on December 29, 2017.
To date a total of 2,821,666 Warrants and 12,000 Brokers Warrants have been exercised for total proceeds of $566,733. Although it is unknown how many Warrants will be exercised, if all of the Warrants are exercised, the Company will receive additional proceeds of $3,600,009 and a total of 18,000,048 additional common shares of the Company will be issued. If all brokers’ warrants issued in connection with the private placement are exercised, the Company will receive additional proceeds of $123,688 and a total of 618,440 additional common shares of the Company will be issued.
How to Exercise Warrants
Warrant holders who wish to exercise their Warrants should instruct their investment advisor and be prepared to provide payment to their advisor firm equal to the exercise price for each warrant exercised. Investors should consult with their investment advisor to confirm the time required to complete this process and other costs associated with the exercise, if any.
Warrant holders who hold a physical certificate wishing to exercise Warrants need to provide to the Company before December 29, 2017 a certified cheque, bank draft or money order payable to Sama Resources Inc. together with the Warrant certificate with the exercise appended to the certificate duly completed.
Stock Options Granted
The Company is pleased to announce that, pursuant to its Stock Option Plan and subject to regulatory acceptance, it has granted an aggregate total of 660,000 incentive stock options to certain officers, employees and consultants of the Company, subject to certain vesting provisions. These options will be exercisable at a price of $0.29 per common share and will expire on November 28, 2027.
About Sama Resources Inc.
Sama is a Canadian-based mineral exploration and development company with projects in West Africa. On October 23, 2017, Sama announced that it had entered into a binding term sheet in view of forming a strategic partnership with HPX TechCo Inc., for the development of its Côte d’Ivoire Nickel-Copper and Cobalt project in Côte d’Ivoire, West-Africa. For more information about Sama, please visit Sama’s website at http://www.samaresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Sama Resources Inc./RESSOURCES SAMA INC.
Dr. Marc-Antoine Audet, President and CEO
Tel: (514) 726-4158
OR
Mr. Matt Johnston, Corporate Development Advisor
Tel: (604) 443-3835
Toll Free: 1 (877) 792-6688, Ext. 5
Forward-Looking Statements
Certain of the statements made and information contained herein are "forward-looking statements" or “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking statements and forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or forward- looking information, including, without limitation, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties.
In addition, forward-looking statements and forward-looking information are based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.