Business
Sarama Resources Increases Previously Announced Private Placement to C$4 Million
(via TheNewswire) VANCOUVER, CANADA / TheNewswire / March 9, 2018 - Sarama...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"Sarama Resources Increases Previously Announced Private Placement to C$4 Million(via TheNewswire)\n \n \nVANCOUVER, CANADA / TheNewswire / March 9, 2018 - Sarama Resources Limited (\"Sarama\" or the \"Company\") is pleased to announce that further to its press release issued February 28, 2018 in relation to the Company's proposed private placement, due to strong support from existing shareholders and new investors, the Company has increased its offering to up to 40,000,000 common shares at a price of C$0.10 per common share to raise gross proceeds of up to C$4,000,000 (the \"Private Placement\"). All other terms of the Private Placement remain the same.\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 which the Company believes has significant exploration potential.\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 highest exploration priority being placed on the major corridor which extends over an area of 43km-long x 10km-wide.\n\n\n \nInsiders of the Company plan to participate in the Private Placement. A material change report will be filed outlining the exemptions the Company will rely upon as described in National Instrument 61-101. The Private Placement remains subject to TSX Venture Exchange approval. The securities issued in connection with the Private Placement will be subject to a four-month hold period.\n\n\n \nSarama's President and CEO, Andrew Dinning, commented:\n\n\n \n\"We are pleased with the strong demand shown by investors in the placement at a time when equity markets remain...