Sarama Resources Provides Update on Financing Activities

About this update from Sarama Resources Ltd.

[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO A UNITED STATES NEWSWIRE OR FOR DISSEMINATION\n IN THE UNITED STATES/\n\n\nVANCOUVER, June 20, 2014 /CNW/ - Sarama Resources Ltd. (the \"Company\" or \"Sarama\") is pleased to announce that on June 18, 2014 it closed the final\n tranche of its previously announced non-brokered private placement (the\n \"Private Placement\") financing announced May 12, 2014. Including the issue of 419,999\n Units (the \"Units\") in the final tranche, the Company has raised aggregate gross proceeds\n of approximately $2.9 million through the sale of 19,187,200 Units.\n Each Unit was priced at $0.15 and consisted of one common share and one\n half of one common share purchase warrant. Each whole share purchase\n warrant is exercisable into one common share for a period of two years\n at a price of $0.20 per share.\n\n\nThe securities issued in connection with the final tranche of the\n Private Placement will be subject to a four-month and one day hold\n period expiring on October 19, 2014 in accordance with relevant\n Canadian Securities Laws.\n\n\nDue to investor demand, the Company is pleased to announce a further\n private placement (the \"Subsequent Financing\") of Units at $0.15 for aggregate gross proceeds of up to $150,000. \n The Company expects to close the Subsequent Financing on or around June\n 25, 2014.\n\n\nThe proceeds of the Private Placement and the Subsequent Financing will\n be used principally to fund diamond drilling at the Company's\n properties in Liberia, oxide-focussed air core drilling at the\n Company's South Houndé Project in Burkina Faso, an air core scout\n drilling program at the Company's Kandiolé Sud permit, which is\n adjacent to Papillion Resources' Fekola Gold Project in Mali, and for\n general working capital purposes.\n\n\nThese securities have not been and will not be registered under the\n 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\n the United States unless registered under the U.S. Securities Act and\n applicable state securities laws or an exemption from registration is\n available. This announcement does not constitute an offer to sell or a\n solicitation of an offer to buy any of the securities in this Private\n Placement within the United States or to, or ...

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