Sama Resources Inc. wishes to announce that it has entered into a Share Purchase Agreement with a purchaser to sell 4,000,000 shares (the ” Common Shares ) of SRG Mining Inc., for an aggregate purchase price of CDN$2,800,000.
The Transaction is subject to applicable securities laws and regulations of the TSX Venture Exchange. Immediately prior to the Transaction, Sama held direct ownership and control of 19,180,377 common shares of SRG, representing 16.875% of the issued and outstanding shares of SRG. After the closing date, Sama will then own 15,180,377 common shares of SRG, representing 13.356% of the issued and outstanding shares of SRG.
The Common Shares were held by Sama for investment purposes. Sama may, depending on market and other conditions, increase or decrease its beneficial ownership of SRG’s securities, whether in the open market by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities. The Company has filed an Early Warning Report dated June 1, 2022 with respect to the Transaction.
Sama is a Canadian-based mineral exploration and development company with projects in West Africa and now in Canada. On March 19, 2021 Sama formalised a Joint Venture Agreement Ivanhoe Electric Inc, a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop its Ivorian Nickel-Copper and Cobalt project in Côte d’Ivoire, West-Africa.