Jul. 15, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA --
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Sama Resources Inc. (TSX VENTURE:SME) ("Sama") is pleased to announce the closing of the private placement with MMR Exploration Limited ("MMR") (a subsidiary of Minmetals Resources Limited (HKSE 1208)) of 3,650,000 units (a "Unit"), as previously disclosed in its June 28, 2011 news release. The Units were issued at a price of CAN$0.60 per Unit, for total gross proceeds of CAN$2,190,000 (the "Private Placement"). Each Unit is comprised of one common share of the Company (a "Share") and one non-transferable share purchase warrant (the "Warrant"). Each Warrant entitles MMR to purchase one additional Share (a "Warrant Share") on or before July 15, 2012 (the "Expiry Date"), at an exercise price per Warrant Share as follows:
1. $0.80 if the Warrant is exercised during the first 6 months; and
2. $0.90 if the Warrant is exercised during the next 6 months until the Expiry Date.
All securities issued or issuable under the Private Placement are subject to a four-month hold period expiring on November 16, 2011.
The Company has granted MMR a pre-emptive right pursuant to which, for so long as MMR holds any equity interest in the Company on a fully-diluted basis, it will have the right to participate in any future equity private placement or public offering of the Company (an "Offering") to allow it to maintain the same percentage interest in the Company after completion of the Offering (assuming the conversion or exchange of any convertible securities issued under the Offering) as existed immediately prior to completion of the Offering.
Minmetals Resources Limited (HKSE:1208) is an international upstream base metals company. It is one of the world's largest producers of zinc as well as a substantial producer of copper, lead, gold and silver. Minmetals Resources Limited currently has mining operations located in Australia and Asia and a large portfolio of exploration and development projects in Australia, Asia and North America. Its operations include the Century mine in Queensland, Sepon copper and gold operations in Laos, Golden Grove underground base and precious metals mine in Western Australia and the polymetallic Rosebery mine in Tasmania.
No finders' fees or commissions were payable. Net proceeds from the Private Placement will be used for the exploration and development of the Company's Samapleu nickel/copper project in Cote d'Ivoire, West Africa, and for working capital purposes.
For more information please visit Sama's website at www.samaresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sama Resources Inc.
President and CEO
Hamza Thindal Capital Corporation Inc.
(604) 566-9236 or Cell: (604) 488-9875
Group Manager, Communications
(61) 417 144 524 or Cell: (61) 417 144 524