Offer finances exploration in Burkina Faso, general working capital
By Devika Patel
Knoxville, Tenn., June 8 – Sarama Resources Ltd. said it negotiated a C$2.25 million non-brokered private placement of units.
The company will sell 15 million units of one common share and one half-share warrant at C$0.15 per unit.
Each whole warrant will be exercisable at C$0.20 for two years. The strike price reflects a 33.33% premium to the June 7 closing share price of C$0.15.
Settlement is expected June 22.
Proceeds will be used for exploration in Burkina Faso and general working capital purposes.
The company may pay a 7% cash finders' fee along with finder’s warrants to Red Cloud Klondike Strike Inc.
The gold explorer is based in Vancouver, B.C.
| Issuer: | Sarama Resources Ltd.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$2.25 million
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| Units: | 15 million
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| Price: | C$0.15
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.20
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| Agent: | Non-brokered
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| Pricing date: | June 8
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| Settlement date: | June 22
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| Stock symbol: | TSX Venture: SWA
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| Stock price: | C$0.15 at close June 7
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| Market capitalization: | C$14.35 million
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