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Sarama Completes Second Tranche of Placement to Advance PEA
Funds raised will be used for the completion of a Preliminary Economic Assessment ("PEA") to eval...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"Sarama Completes Second Tranche of Placement to Advance PEAFunds raised will be used for the completion of a Preliminary Economic Assessment (\"PEA\") to evaluate accelerating the development of the Sanutura ProjectSarama issues ASX Cleansing NoticeNOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATESPERTH, AUSTRALIA and VANCOUVER, BC / ACCESSWIRE / June 14, 2023 / Sarama Resources Ltd (\"Sarama\" or the \"Company\") (ASX:SRR)(TSXV:SWA) is pleased to report that on 14 June 2023, it has closed the Tranche 2 Delivery versus Payment (\"DvP\") portion of its previously announced A$2.0 million equity placement (the \"Placement\") (refer to Sarama News releases dated 3 April 2023 and 13 April 2023).The Tranche 2 DvP portion of the Placement raised aggregate gross proceeds of A$262,436 with the Company issuing 2,624,360 Chess Depository Instruments (\"CDIs\") at an issue price of A$0.10 per CDI. Each new CDI issued under the Placement will rank equally with existing CDIs on issue and each CDI will represent a beneficial interest in 1 common share of the Company. The Company has also issued 1,312,180 free attaching unlisted options (\"Placement Option\") being 1 Placement Option for every 2 new CDIs issued pursuant to Tranche 2 DvP portion of the Placement.Tranche 1 of the Placement, completed on 13 April 2023, raised aggregate gross proceeds of A$1,375,000 with the Company issuing 13,750,000 CDIs at an issue price of A$0.10 per CDI. The Company also issued 6,875,000 Placement Options. Each Placement Option will be exercisable at A$0.15 and will expire on 13 April 2026.The Tranche 2 DvP portion of the Placement was issued to institutional and other sophisticated and professional investors upon receipt of shareholder approval, as required by the ASX Listing Rules, at its Annual General Meeting held on 6 June 2023 (Vancouver time) / 7 June 2023 (Perth time). An Appendix 2A was announced to ASX on 14 June 2023 and provides further detail on the issue of the Tranche 2 DvP Placement CDIs.The remaining Tranche 2 non DvP portion of gross proceeds of A$362,564 is anticipated to close by 16 June 2023.The net proceeds from the Placement are intended to be used to complete a PEA to evaluate an accelerated multi-stage development at the Sanutura Project and to fund administration and general working capital costs.Sarama's CEO, Andrew Dinning, commen...