Sama Resources and High Power Exploration to develop Côte d’Ivoire nickel-copper and cobalt project
Canadian-based base mineral exploration and development company Sama Resources Inc. has closed its private placement with HPX Ivory Coast Holdings Inc., a subsidiary of High Power Exploration Inc., a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, after receiving the required regulatory and shareholder approvals.
With the strategic investment in Sama, and upon the execution of the earn-in and joint venture agreement, HPX will have the ability to earn-into a joint venture with Sama to acquire a total of up to a 60 per cent interest in Sama’s interest in the Côte d’Ivoire project, including the Samapleu Project, by funding exploration expenses through total investments of C$30,000,000.
Under the terms of the strategic investment HPX agreed to purchase 25 million units of Sama at a price of C$0.21 per Unit, resulting in total proceeds to Sama of C$5.2 million.
Each Unit is comprised of one common share and one common share purchase warrant having a term of 2 years from the closing date at an exercise price of C$0.28 per share. Assuming full exercise of the Warrants, the gross proceeds of the Private Placement will total C$12.2 million.
The securities issued under the Private Placement are subject to a four-month hold period pursuant to applicable securities laws until August 14, 2018.