Montreal, Quebec – May 17, 2022 – Sama Resources Inc. (“Sama”) (TSXV: SME | OTC-PK: SAMMF) wishes to announce that it has entered into Share Purchase Agreements (the “Agreements”) with various purchasers to sell 5,625,000 shares (the “Common Shares) of SRG Mining Inc. (“SRG”), for an aggregate purchase price (the “Purchase Price”) of CDN$3,937,500 (the “Transaction”). The Transaction closed on May 17, 2022.
The Transaction is subject to applicable securities laws and regulations of the TSX Venture Exchange. Immediately prior to the Transaction, Sama held direct ownership and control of 24,805,377 common shares of SRG, representing 21.82% of the issued and outstanding shares of SRG. After the closing date, Sama will then own 19,180,377 common shares of SRG, representing 16.875% of the issued and outstanding shares of SRG.
The Common Shares were held by Sama for investment purposes. Sama may, depending on market and other conditions, increase or decrease its beneficial ownership of SRG’s securities, whether in the open market by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.
The Company has filed an Early Warning Report dated May 17, 2022 with respect to the Transaction.
ABOUT SAMA RESOURCES INC.
Sama is a Canadian-based mineral exploration and development company with projects in West Africa and now in Canada.
On March 19, 2021 Sama formalised a Joint Venture Agreement Ivanhoe Electric Inc, a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop its Ivorian 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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
SAMA RESOURCES INC./RESSOURCES SAMA INC.
Dr. Marc-Antoine Audet, President and CEO
Tel: (514) 726-4158
Mr. Matt Johnston, Corporate Development Advisor
Tel: (604) 443-3835
Toll Free: 1 (877) 792-6688, Ext. 5
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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 such as “will”, could”, “expect”, “estimate”, “evidence”, “potential”, “appears”, “seems”, “suggest”, 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.
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.