(TheNewswire)
Montréal, Quebec – TheNewswire - May 5 th , 2021 – Sama Resources Inc. (“Sama” or the “Company”) (TSXV:SME ) | ( OTC:SAMMF) is pleased to announce that it has entered into an agreement with Seahawk Gold Corp.(CSE: SHV | OTCQX: SEHKF) (" Seahawk ") for the acquisition of Sama'ssubsidiary SamaResources Development Corp. (Cayman) (" SamaCayman ") which holds 100% of the issued andoutstanding securities of Sama Resources Liberia Inc.(" SamaLiberia ")..
In consideration for the purchase of Sama Cayman,Seahawk will issue 8,500,000 of its common shares to Sama (the" ConsiderationShares "), which will result in Sama holding20.8% of Seahawk's outstanding shares following the issuance of theConsideration Shares.
“ We areextremely pleased to be a significant shareholder within such awell-structured vehicle. Much like the spinout of the Guinean assetsto SRG Mining Inc. (TSX-V: SRG) in 2017, the Seahawk transactionaffords Sama the luxury of having significant equity exposure to highquality assets while maintaining our near zero dilution model &simultaneously maintaining our focus on the Nickel-Copper-Palladiumdistrict in partnership with HPX in Côte d’Ivoire, WestAfrica.” stated Dr. Marc-Antoine AudetPresident, CEO & Director of Sama Resources Inc.
" Seahawkis very pleased with enhancing its portfolio of exploration assetswith this latest acquisition, and looks forward to working with theSama team to close the transaction and to discuss opportunities forSeahawk and Sama to collaborate in the further exploration of theProjects " Stated Giovanni Gasbarro CEO& Director of Seahawk Gold Corp.
The Consideration Shares will be subject to a fourmonth hold period from closing under applicable Canadian securitieslaws in addition to other resale restrictions which will apply to Samaas long as it remains a "control person" of Seahawk. Additionally, Sama elects that the Consideration Shares be held incertificate form.
The transaction is subject to various closingconditions, including the satisfactory completion of due diligence bySeahawk, and all applicable shareholder, regulatory and stock exchangeapprovals for the Transaction having been received by the relevantparties
Seahawk and Sama intend to discuss the potentialprovision of exploration and other services by Sama to Seahawk inrespect of the Projects following closing, which if agreed to will bethe subject of separate agreements between Seahawk and Sama.
ABOUT SAMA RESOURCES INC.
Sama is a Canadian-based mineral exploration anddevelopment company with projects in West Africa. On October 23, 2017,Sama announced that it had entered into a binding term sheet in viewof forming a strategic partnership with HPX TechCo Inc., a privatemineral exploration company in which mining entrepreneur RobertFriedland is a significant stakeholder, in order to develop its Côted’Ivoire Nickel-Copper-Palladium project in Côte d’Ivoire,West-Africa. For more information about Sama, please visit Sama’swebsite at http://www.samaresources.com .
About Seahawk Gold Corp.
Seahawk Gold Corp. is a publicly traded gold assetacquisition corporation, focused on 100% owned gold properties in someof the world’s most prolific gold producing districts; including theTouchdown, Blitz, Mystery, SkyX & Xtra Point properties located inthe Urban-Barry Greenstone Belt of the Abitibi sub provincespecifically within Quebec, Canada. For moreinformation about Seahawk, please visit the Company’s website at https://www.seahawkgoldcorp.com/
FOR FURTHER INFORMATION, PLEASECONTACT:
SAMA RESOURCES INC./RESSOURCES SAMA INC.
Dr. Marc-Antoine Audet, President and CEO
Tel: (514) 726-4158
OR
Mr. Matt Johnston, Corporate Development Advisor
Tel: (604) 443-3835
Toll Free: 1 (877) 792-6688, Ext. 5
Forward-Looking Statements
Certain of the statements made and informationcontained herein are "forward-looking statements" or“forward-looking information” within the meaning of Canadiansecurities legislation. Forward-looking statements and forward-lookinginformation such as “evidence”, “potential”, “appears”,“seems”, “suggest”, are subject to a variety of risks anduncertainties which could cause actual events or results to differfrom those reflected in the forward-looking statements orforward-looking information, including, without limitation, theavailability of financing for activities, risks and uncertaintiesrelating to the interpretation of drill results and the estimation ofmineral resources and reserves, the geology, grade and continuity ofmineral deposits, the possibility that future exploration, developmentor mining results will not be consistent with the Company'sexpectations, metal price fluctuations, environmental and regulatoryrequirements, availability of permits, escalating costs of remediationand mitigation, risk of title loss, the effects of accidents,equipment breakdowns, labour disputes or other unanticipateddifficulties with or interruptions in exploration or development, thepotential for delays in exploration or development activities, theinherent uncertainty of cost estimates and the potential forunexpected costs and expenses, commodity price fluctuations, currencyfluctuations, expectations and beliefs of management and other risksand uncertainties.
In addition, forward-looking statements andforward-looking information are based on various assumptions. Shouldone or more of these risks and uncertainties materialize, or shouldunderlying assumptions prove incorrect, actual results may varymaterially from those described in forward-looking information orforward-looking statements. Accordingly, readers are advised not toplace undue reliance on forward-looking statements or forward-lookinginformation. Except as required under applicable securitieslegislation, the Company undertakes no obligation to publicly updateor revise forward-looking statements or forward-looking information,whether as a result of new information, future events orotherwise.
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