Business
Sarama Resources Announces Private Placement
(via TheNewswire) VANCOUVER, CANADA / TheNewswire / February 28, 2018 - Sa...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"Sarama Resources Announces Private Placement(via TheNewswire)\n \n \nVANCOUVER, CANADA / TheNewswire / February 28, 2018 - Sarama Resources Limited (\"Sarama\" or the \"Company\") announces that it is conducting a private placement (the \"Private Placement\") to raise gross proceeds of approximately C$3,000,000. The Private Placement will involve the issuance of approximately 30,000,000 common shares of Sarama (the \"Shares\") at a price of C$0.10 per Share. The Private Placement is being conducted on a best-efforts basis with no minimum amount of Shares or proceeds.\n\n\n \nThe Private Placement will be conducted on a partially-brokered basis to institutional investors, accredited investors, and to certain purchasers outside of British Columbia, pursuant to prospectus exemptions available under applicable securities laws and is subject to the approval of the TSX Venture Exchange. Sarama has engaged (the \"Engagement\") Arlington Group Asset Management Limited and Argonaut Securities Pty Limited (together, the \"Agents\") to act as agents in connection with certain non-Canadian resident subscribers to the Private Placement (the \"Brokered Subscribers\"). \n\n\n \nA four-month hold period will apply to all of the Shares. The Company plans to close the Private Placement on or about March 9, 2018, but reserves the right to extend the closing date, and may close the placement in one or more tranches. \n\n\n \nThe proceeds of the Private Placement will be used to fund Sarama's exploration activities in Burkina Faso and to meet working capital requirements of the Company. Sarama intends to accelerate exploration at its 100%-owned projects including the ThreeBee Project and Koumandara Project.\n\n\n \nThe ThreeBee Project, hosts the Bondi Deposit which has a historical mineral resource(1) of 282,000oz Au measured and indicated; and 150,000oz Au inferred and remodelling of the regional geology has generated a number of new targets that require drill testing. The ThreeBee Project also hosts the Bamako Property where a +3km-long gold-quartz vein system has been identified that has returned rock-chip assays up to 18.9g/t Au and gold-in-soil values of up to 13.6g/t Au.\n\n \n \nThe Koumandara Project, which has recently been established, hosts three parallel litho-structural corridors coincident with elevated gold-in-soil anomalism with the...