Sama Resources Inc. has announced that it has entered into Share Purchase Agreements with various purchasers to sell 5,625,000 shares of SRG Mining Inc. for an aggregate purchase price of CDN$3,937,500.
The Transaction is subject to applicable securities laws and regulations of the TSX Venture Exchange. Immediately prior to the Transaction, Sama held direct ownership and control of 24,805,377 common shares of SRG, representing 21.82% of the issued and outstanding shares of SRG. After the closing date, Sama will then own 19,180,377 common shares of SRG, representing 16.875% of the issued and outstanding shares of SRG.
The Common Shares were held by Sama for investment purposes. Sama may, depending on market and other conditions, increase or decrease its beneficial ownership of SRG’s securities, whether in the open market by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.
About Sama Resources Inc.
Sama is a Canadian-based mineral exploration and development company with projects in West Africa and now in Canada. The firm formalised a Joint Venture Agreement Ivanhoe Electric Inc, a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop its Ivorian Nickel-Copper and Cobalt project in Côte d’Ivoire, West-Africa.
About SRG Mining Inc.
SRG Mining Inc. is a Canadian-based resource company with the goal of creating shareholder value by becoming a leader in the production and delivery of low-cost, quick-to-market, quality graphite.
SRG is focused on developing the Lola graphite deposit, which is located in the Republic of Guinea, West Africa. The Lola Graphite occurrence has a prospective surface outline of 3.22 km2 of continuous graphitic gneiss, one of the largest graphitic surface areas in the world. SRG owns 100% of the Lola Graphite Project.