Business
US Based Industrial Firm Enters into Share Purchase Agreement with Sama Resources to Buy 33.66% of its Stake in SRG Mining Inc.
MONTREAL, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Sama Resources Inc. (“Sama”) (TSXV: SME | OTC-PK: SAMMF) wishes to announce that it has entered into a Share Purchas
About this update from Sama Resources Inc.
[{"type":"text","content":" MONTREAL, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Sama Resources Inc. (“Sama”) (TSXV: SME | OTC-PK: SAMMF) wishes to announce that it has entered into a Share Purchase Agreement (the “Agreement”) to sell 8,300,000 shares (“Common Shares”) of its currently held 24,658,267 common shares of SRG Mining Inc. (“SRG”) to a US based Industrial Firm (“Purchaser”) for an aggregate purchase price (“Purchase Price”) of US$5,000,000 (“Transaction”). The Sale shall occur in five tranches and is expected to fully close by December 15, 2019. The Closing of each tranche is conditional on the full and complete closing of each proceeding tranche in accordance with the Agreement. The Transaction will be subject to applicable securities laws and regulations of the TSX Venture Exchange including the filing of all necessary personal information forms of its directors, officers and shareholders as required by that exchange. The Common Shares will be subject to a contractual 12 months hold period from the date of closing of the last Tranche of the Transaction. After the final closing date of the last Tranche, Sama will then own 16,358,267 common shares of SRG representing 25.39% of the issued and outstanding shares of SRG. About Sama Resources 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., a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop 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. FOR FURTHER INFORMATION, PLEASE CONTACT: SAMA RESOURCES INC./RESSOURCES SAMA INC.Dr. Marc-Antoine Audet, President and CEOTel: (514) 726-4158 OR Matt Johnston, Corporate Development AdvisorTel: (604) 443-3835Toll 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. Forward-Looking Statements Certain of the statements made and information contained herein are “forward-looking statements” or “forward-looki...