Business
Sarama Resources Closes C$4 Million Private Placement
(via TheNewswire) VANCOUVER, CANADA / TheNewswire / March 19, 2018 - Saram...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"Sarama Resources Closes C$4 Million Private Placement(via TheNewswire)\n \n \nVANCOUVER, CANADA / TheNewswire / March 19, 2018 - Sarama Resources Limited (\"Sarama\" or the \"Company\") is pleased to announce that it has closed its previously announced private placement offering of 40,000,000 common shares at a price of C$0.10 per common share for aggregate gross proceeds to the Company of C$4,000,000 (the \"Private Placement\"). \n\n\n \nAll proceeds from the Private Placement shall be immediately available to the Company and used to meet working capital requirements of the Company and to accelerate exploration at its 100%-owned projects including the ThreeBee Project and the recently announced 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. Work will focus on extensional splay structures and more distal exploration at the Bondi Deposit with the aim of increasing the existing resource base and also following up on new targets generated through remodelling of the regional geology, as well as additional targeted soil surveys.\n\n\n \nExploration on the Koumandara Project will focus on a prospective 43km by 10km lithostructural corridor targeting gold systems similar to those found on the nearby Hounde Belt. Initial exploration activity will generate basic geological data layers including soil surveys and permit-scale mapping and prospecting to generate drill targets.\n\n\n \nIn connection with the Private Placement, the Company engaged (the \"Engagement\") Arlington Group Asset Management Limited and Argonaut Securities Pty Limited (together, the \"Agents\") and paid commission to the Agents equal to C$240,000, representing 6% of the gross proceeds raised under the Offering and also issued an aggregate of 5,000,000 broker warrants (the \"Broker Warrants\") to the Agents, each of which is exercisable to acquire one common share of the Company at a price of C$0.14. The Broker Warrants consist of 1,500,000 Broker Warrants expiring on December 31, 2021; 1,500,000 Broker Warrants exercisable if Sarama completes a single equity offering within 12 months of the Engagement for aggregate gross proceeds of at least C$5,000,000 and expiring December 31, 2021; and 2,000,000 Broker Warrants exercisable if Ch...