US Based Industrial Firm Enters into Share Purchase Agreement with Sama Resources to Buy 33.66% of its Stake in SRG Mining Inc.

 

MONTREAL, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Sama Resources Inc. (“Sama”) (TSXV: SME | OTC-PK: SAMMF) wishes to announce that it has entered into a Share Purchase Agreement (the “Agreement”) to sell 8,300,000 shares (“Common Shares”) of its currently held 24,658,267 common shares of SRG Mining Inc. (“SRG”) to a US based Industrial Firm (“Purchaser”) for an aggregate purchase price (“Purchase Price”) of US$5,000,000 (“Transaction”). The Sale shall occur in five tranches and is expected to fully close by December 15, 2019.

The Closing of each tranche is conditional on the full and complete closing of each proceeding tranche in accordance with the Agreement.  The Transaction will be subject to applicable securities laws and regulations of the TSX Venture Exchange including the filing of all necessary personal information forms of its directors, officers and shareholders as required by that exchange. 

The Common Shares will be subject to a contractual 12 months hold period from the date of closing of the last Tranche of the Transaction.  After the final closing date of the last Tranche, Sama will then own 16,358,267 common shares of SRG representing 25.39% of the issued and outstanding shares of SRG.

About Sama Resources
Sama is a Canadian-based mineral exploration and development company with projects in West Africa. On October 23, 2017, Sama announced that it had entered into a binding term sheet in view of forming a strategic partnership with HPX TechCo Inc., a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop its Côte d’Ivoire Nickel-Copper and Cobalt project in Côte d’Ivoire, West-Africa. For more information about Sama, please visit Sama’s website at http://www.samaresources.com.

FOR FURTHER INFORMATION, PLEASE CONTACT:

SAMA RESOURCES INC./RESSOURCES SAMA INC.
Dr. Marc-Antoine Audet, President and CEO
Tel: (514) 726-4158

OR

Matt Johnston, Corporate Development Advisor
Tel: (604) 443-3835
Toll Free: 1 (877) 792-6688, Ext. 5

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
Certain of the statements made and information contained herein are “forward-looking statements” or “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking statements and forward-looking information such as “assume”, “dramatically accelerating”, “advantage”, “success”, “confirm”, “evidence”, “potential”, “validate”, “appears”, “seems”, “suggest”, are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or forward-looking information, including, without limitation, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties.

In addition, forward-looking statements and forward-looking information are based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.