Business
Sarama Resources Announces Closing of its Private Placement to Fund Drill Programs in Liberia, Mali and Burkina Faso
/NOT FOR DISTRIBUTION TO A UNITED STATES NEWSWIRE OR FOR DISSEMINATION IN THE UNITED ST...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO A UNITED STATES NEWSWIRE OR FOR DISSEMINATION\n IN THE UNITED STATES/\n\n\nVANCOUVER, June 13, 2014 /CNW/ - Sarama Resources Ltd (the \"Company\" or \"Sarama\") is pleased to announce that it has closed the non-brokered private\n placement (the \"Private Placement\") financing announced May 12, 2014. The Company has raised gross\n proceeds of $2,815,080 through the sale of a total of 18,767,201 units\n and anticipates receiving additional funds to close on a further\n 1,419,999 units for gross proceeds of $213,000. Each unit is priced at\n $0.15 and consists of one common share and one half of one common share\n purchase warrant. Each whole share purchase warrant will be exercisable\n into one common share for a period of two years at a price of $0.20 per\n share.\n\n\nThe securities issued in connection with this Private Placement will be\n subject to a four-month and one day hold period expiring on October 1,\n 2014 and October 13, 2014, as applicable and in accordance with\n relevant Canadian Securities Laws.\n\n\nThe proceeds of the Private Placement will be used to fund diamond\n drilling at the Company's Cape Mount property in Liberia, an Air Core\n (\"AC\") drill program focused on heap-leachable oxide targets at the\n Company's South Houndé Project in Burkina Faso and an AC scout drilling\n program at the Company's Kandiolé Sud permit adjacent to Papillion\n Resources' Fekola Gold Project in Mali. The balance of the funds will\n be used for general working capital purposes.\n\n\nThese securities have not been and will not be registered under the\n United States Securities Act of 1933, as amended, (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within\n the United States unless registered under the U.S. Securities Act and\n applicable state securities laws or an exemption from registration is\n available. This announcement does not constitute an offer to sell or a\n solicitation of an offer to buy any of the securities in this Private\n Placement within the United States or to, or for the account or benefit\n of, U.S. Persons (as defined under Regulation S under the U.S.\n Securities Act).\n\n\nFor further information on the Company's activities, please contact:\nAndrew Dinning or Paul Schmiede \ne: [email protected]\nt: +61 (0) 8 93...