Business
Sarama Resources Announces Sale of Kandiole Sud Exploration Property in West Mali to Oklo Resources
(via TheNewswire) VANCOUVER, CANADA / TheNewswire / April 23, 2018 - Saram...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"Sarama Resources Announces Sale of Kandiole Sud Exploration Property in West Mali to Oklo Resources(via TheNewswire)\n \n \nVANCOUVER, CANADA / TheNewswire / April 23, 2018 - Sarama Resources Ltd. (\"Sarama\" or the \"Company\") (TSX-V:SWA) is pleased to announce that it has entered into a binding agreement for the sale of its non-core Kandiole Sud Exploration Property, West Mali (the \"Property\") (refer Figure 1) to Oklo Resources Limited (\"Oklo\", ASX:OKU) for consideration comprising cash and shares in Oklo for a total value of A$1M (the \"Transaction\").\n\n\n \nUpon completion, the Transaction will rationalise Sarama's exploration portfolio and allow the Company to focus on its advanced exploration assets located in the Hounde and Banfora Belts in south-western Burkina Faso. The sale provides Sarama with funds to augment its recent C$4M capital raise and provides opportunity for further value accretion for the Company via exposure to Oklo's nearby exploration projects.\n\n\n \nHighlights\n\n \n \n\n\n- Transaction rationalises Sarama's operating jurisdictions, allowing the Company to focus its resources on Burkina Faso where it has had considerable exploration success in the Hounde Belt.\n\n\n\n- Augments Sarama's recent C$4M capital raise which will be used to advance the Company's exploration projects in Burkina Faso.\n\n\n\n- Brings value forward and provides opportunity for Sarama to derive further value from the transaction via exposure to Oklo's exploration projects in the West Mali region.\n\n\n\n- Oklo is well placed to advance exploration on the Property and control the development of the region given its dominant position, highlighting the potential for further value creation for Sarama.\n\n\n\n- Total consideration payable by Oklo of A$1M in a combination of cash and Oklo shares.\n\n\n\n\n \nSarama's President and CEO, Andrew Dinning, commented:\n\n\n \n\"The divestment of Kandiole Sud property to Oklo Resources is a great outcome for both companies. While the property is well-located in West Mali and has untested exploration potential, Sarama's primary focus is Burkina Faso and the completion of this transaction allows us to direct our resources and capital toward our promising ThreeBee and Koumandara Projects.\n\n\n \nOklo has established a strong presence in the West Mali region and is well-funded and positi...