Business
Sarama Resources announces closing of subsequent financing bringing total funds raised to C$3.15M
/NOT FOR DISTRIBUTION TO A UNITED STATES NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STA...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION TO A UNITED STATES NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nVANCOUVER, July 4, 2014 /CNW/ - Sarama Resources Ltd. (the \"Company\" or \"Sarama\") is pleased to announce that on July 4, 2014 it closed its further private placement (the \"Subsequent Financing\"), which was announced June 20, 2014. The Company has raised aggregate gross proceeds of C$270,000 through the issue of 1,800,000 units and when combined with the recent private placement completed June 18, 2014 brings total funds raised to C$3,148,080. Each unit was priced at C$0.15 and consisted of one common share and one half of one common share purchase warrant. Each whole share purchase warrant is exercisable into one common share for a period of two years at a price of C$0.20 per share. \n\nThe securities issued in connection with the Subsequent Financing will be subject to a four-month and one day hold period expiring on November 5, 2014 in accordance with relevant Canadian Securities Laws.  \n\nThe proceeds of the recent private placement that was completed June 18, 2014 and the Subsequent Financing, will be used principally to fund diamond drilling at the Company's properties in Liberia, oxide-focussed air core drilling at the Company's South Houndé Project in Burkina Faso and an air core scout drilling program at the Company's Kandiolé Sud permit, which is proximal to Papillion Resources' Fekola Gold Project and the Merrex Gold/IAMGOLD Diakha discovery, in Mali.  Funds will also be used for general working capital purposes.\n\nThese securities have not been and will not be registered under the 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 the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in this Private Placement within the United States or to, or for the account or benefit of, U.S. Persons (as defined under Regulation S under the U.S. Securities Act).\n\nFor further information on the Company's activities, please contact:\n\nAndrew Dinning or Paul Schmiede e: [email protected] t...