/NOT FOR DISTRIBUTION TO A UNITED STATES NEWSWIRE OR FOR DISSEMINATION
IN THE UNITED STATES/
VANCOUVER, June 13, 2014 /CNW/ - Sarama Resources Ltd (the "Company" or "Sarama") is pleased to announce that it has closed the non-brokered private
placement (the "Private Placement") financing announced May 12, 2014. The Company has raised gross
proceeds of $2,815,080 through the sale of a total of 18,767,201 units
and anticipates receiving additional funds to close on a further
1,419,999 units for gross proceeds of $213,000. Each unit is priced at
$0.15 and consists of one common share and one half of one common share
purchase warrant. Each whole share purchase warrant will be exercisable
into one common share for a period of two years at a price of $0.20 per
share.
The securities issued in connection with this Private Placement will be
subject to a four-month and one day hold period expiring on October 1,
2014 and October 13, 2014, as applicable and in accordance with
relevant Canadian Securities Laws.
The proceeds of the Private Placement will be used to fund diamond
drilling at the Company's Cape Mount property in Liberia, an Air Core
("AC") drill program focused on heap-leachable oxide targets at the
Company's South Houndé Project in Burkina Faso and an AC scout drilling
program at the Company's Kandiolé Sud permit adjacent to Papillion
Resources' Fekola Gold Project in Mali. The balance of the funds will
be used for general working capital purposes.
These securities have not been and will not be registered under the
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
the United States unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from registration is
available. This announcement does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in this Private
Placement within the United States or to, or for the account or benefit
of, U.S. Persons (as defined under Regulation S under the U.S.
Securities Act).
For further information on the Company's activities, please contact:
Andrew Dinning or Paul Schmiede
e: info@saramaresources.com
t: +61 (0) 8 9363 7600
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
About Sarama Resources Ltd
Sarama Resources Ltd (TSX-V: SWA) is a West African focused gold
explorer with substantial landholdings in Burkina Faso, Liberia and
Mali.
Sarama's flagship properties are situated within the Company's South
Houndé Project area in south-west Burkina Faso. Located within the
prolific Houndé greenstone belt, Sarama's exploration programs have
built on significant early success to deliver a maiden Inferred Mineral
Resource estimate of 1.5 Moz gold1,2. Outside of Burkina Faso, Sarama is focused on consolidating a number
of under-explored landholdings in other emerging and established mining
jurisdictions.
Incorporated in 2010, the Company's Board and management team have a
proven track record in Africa and a strong history in the discovery and
development of large-scale gold deposits. Sarama is well positioned to
build on its current success with a strong financial position and a
sound exploration strategy across its property portfolio.
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29.13 Mt @ 1.6 g/t Au (at a 0.8 g/t Au cut-off)
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The effective date of the Company's Mineral Resource estimate is
September 16, 2013. For further information regarding the Mineral
Resource estimate please refer to the technical report titled "NI
43-101 Independent Technical Report, South Houndé Project, Bougouriba
and Ioba Provinces, Burkina Faso", dated October 28, 2013. The
technical report is available under the Company's profile on SEDAR at www.sedar.com.
Caution Regarding Forward Looking Statements
Information in this news release that is not a statement of historical
fact constitutes forward-looking information. Such forward-looking
information includes statements regarding the further amount the
Company may receive in the Private Placement and the Company's planned
use of proceeds from the Private Placement. Actual results,
performance or achievements of the Company may vary from the results
suggested by such forward-looking information due to known and unknown
risks, uncertainties and other factors. Such factors include, among
others, the number and size of further subscriptions anticipated to be
received in the Private Placement, general market conditions, the price
of gold and other commodities, that the business of exploration for
gold and other precious minerals involves a high degree of risk and is
highly speculative in nature; Mineral Resources are not Mineral
Reserves, they do not have demonstrated economic viability, and there
is no certainty that they can be upgraded to Mineral Reserves through
continued exploration; few properties that are explored are ultimately
developed into producing mines; geological factors; the actual results
of current and future exploration; changes in project parameters as
plans continue to be evaluated, as well as those factors disclosed in
the Company's publicly filed documents.
There can be no assurance that any mineralisation that is discovered
will be proven to be economic, or that future required regulatory
licensing or approvals will be obtained. However, the Company believes
that the assumptions and expectations reflected in the forward-looking
information are reasonable. Assumptions have been made regarding, among
other things, the Company's ability to carry on its exploration
activities, the sufficiency of funding, the timely receipt of required
approvals, the price of gold and other precious metals, that the
Company will not be affected by adverse political events, the ability
of the Company to operate in a safe, efficient and effective manner and
the ability of the Company to obtain further financing as and when
required and on reasonable terms. Readers should not place undue
reliance on forward-looking information.
Sarama does not undertake to update any forward-looking information,
except as required by applicable laws.
Qualified Person's Statement
Scientific or technical information in this news release that relates to
the preparation of the Company's mineral resource estimate is based on
information compiled or approved by Adrian Shepherd. Adrian Shepherd
is an employee of Cube Consulting Pty Ltd and is considered to be
independent of Sarama Resources Ltd. Adrian Shepherd is a chartered
professional member in good standing of the Australasian Institute of
Mining and Metallurgy and has sufficient experience which is relevant
to the commodity, style of mineralisation under consideration and
activity which he is undertaking to qualify as a Qualified Person under
National Instrument 43-101. Adrian Shepherd consents to the inclusion
in this news release of the information, in the form and context in
which it appears.
SOURCE Sarama Resources Limited
