Good news MONTREAL, Nov. 29, 2017 (GLOBE NEWSWIRE) -- Sama Resources Inc. ("Sama" or the "Company") (TSX-V:SME) today announced that it has elected to accelerate the expiry date of the warrants (the "Warrants") issued as part of its private placement unit offering (the "Private Placement") announced on April 7, 2017. The warrants currently expire on April 19, 2022 and April 25, 2022.
Pursuant to the terms of the Private Placement, if the closing price of the Company’s shares on the TSXV is $0.30 per share or greater for twenty (20) consecutive trading days, the Company is entitled to accelerate the expiry date of the Warrants to a date thirty (30) days from the date notice of such acceleration is provided to holders of Warrants. The Company has elected to provide notice of such acceleration to the holders of Warrants.
This press release constitutes notice to Warrant holders of the new expiry time. Any Warrants remaining unexercised after the new expiry time will be cancelled.
Effective today, the Warrants issued to the purchasers pursuant to the Private Placement are set to expire at 4:30 p.m. (Vancouver time) on December 29, 2017.
To date a total of 2,821,666 Warrants and 12,000 Brokers Warrants have been exercised for total proceeds of $566,733. Although it is unknown how many Warrants will be exercised, if all of the Warrants are exercised, the Company will receive additional proceeds of $3,600,009 and a total of 18,000,048 additional common shares of the Company will be issued. If all brokers’ warrants issued in connection with the private placement are exercised, the Company will receive additional proceeds of $123,688 and a total of 618,440 additional common shares of the Company will be issued.