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Sarama Resources Receives Strong Demand in Equity Raising for Dual Listing on the Australian Securities Exchange
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About this update from Sarama Resources Ltd.
[{"type":"text","content":"Sarama Resources Receives Strong Demand in Equity Raising for Dual Listing on the Australian Securities ExchangeNot for release or distribution in the United States or through any U.S. newswire serviceVANCOUVER, BC / ACCESSWIRE / March 25, 2022 / Sarama Resources Ltd. (\"Sarama\" or the \"Company\") (TSX-V:SWA) is pleased to advise that following the lodgement of a prospectus (the \"Prospectus\") in relation to its proposed dual listing on the Australian Securities Exchange (\"ASX\"), it has received subscriptions in excess of A$10 million for its equity raising and anticipates closing on or before the planned closing date of March 30, 2022, with gross proceeds being limited to the prescribed maximum of A$8 million.Under the Prospectus, the Company proposed to issue between 28,571,429 and 38,095,238 CHESS Depositary Interests (\"CDIs\") over common shares in the capital of the Company (\"Offer Shares\") at an issue price of A$0.21 per CDI for gross proceeds between A$6 million and A$8 million (the \"Offer\"). Each CDI will represent a beneficial interest in 1 common share of the Company.Leading Australian resources broker, Euroz Hartleys, is the Lead Manager for the ASX listing process. The net proceeds raised pursuant to the dual listing on the ASX will be used to support and expedite an extensive and predominantly shallow drilling campaign across the Company's 100%-owned Sanutura Project (the \"Project\"). The planned drill programs aim to augment and upgrade the currently defined oxide and free-milling mineral resource and test high priority targets identified through previous grassroots exploration that have the potential to significantly impact project growth.The Project is an advanced-stage exploration project covering approximately 1,420km² that hosts a significant, well-defined gold mineral resource base and a suite of exploration targets. As announced on November 16, 2021, the mining-shape constrained mineral resource estimate at the Project stands at 9.4Mt @ 1.9g/t Au for 0.6Moz gold (Indicated) plus 52.7Mt @ 1.4g/t Au for 2.3Moz gold (Inferred)(1). The combined oxide and transition component of the pit shell-constrained mineral resource totals 0.2Moz gold (Indicated) plus 0.8Moz gold (Inferred)(2).The large mineral resource base and suite of exploration targets provide significant optionality and leverage to the ...