(TheNewswire)
Montreal, Q C - TheNewswire - June 30 , 2023 - Sama Resources Inc. (“ Sama ” or the “ Company ”) (TSX-V:SME ) ( OTC:SAMMF) is pleased to announce that, at today’s annual and specialmeeting of shareholders (the “ Meeting ”), its shareholders (“ Shareholders ”)voted in favor of a special resolution to approve the previously-announced plan of arrangement (the “ Arrangement ”)pursuant to which, among other things, the common shares of itssubsidiary SRQ Resources Inc. (“ SRQ ”) will bespun-out and distributed to the Shareholders, subject to the terms andconditions of an arrangement agreement dated May 17, 2023.
The Arrangement required approval by at leasttwo-thirds of the votes cast by Shareholders present in person orrepresented by proxy at the Meeting.
A total of 84,235,195 Company common shares or 38.33%of the Company’s issued and outstanding common shares at the recorddate (May 19, 2023) were represented in person or by proxy at theMeeting.
Of the votes cast with respect to the Arrangement, anaggregate of 83,150,996 were voted in favor of the Arrangement,representing approximately 99.98% of the votes cast on the resolution.20,000 votes were cast against the Arrangement resolution,representing approximately 0.02% of the total votes cast.
Completion of the Arrangement remains subject to courtapproval as well as other customary closing conditions. It is expectedthat the Company will apply for a final order of the Quebec SuperiorCourt of Justice (Commercial Division) approving the Arrangement onJuly 20, 2023. Assuming that the conditions to closing are satisfied,it is expected that the Arrangement will be completed in the month ofAugust 2023. Following completion of the Arrangement, SRQ intends on listing its common shares on the TSX Venture Exchange (“ TSX-V ”). Any such listing remainssubject to the approval of the TSX-V.
The Company is also pleased to announce that allnominees listed in the management information circular dated May 29,2023 (the “ Circular ”) were elected as directors of the Company at the Meeting.
The following seven directors were elected:
Director Nominee | Votes For | % of Votes For | Votes Against | % of Votes Against |
Benoit La Salle | 70,634,496 | 84.67 | 12,786,000 | 15.33 |
Marc-Antoine Audet | 70,714,996 | 84.66 | 12,816,000 | 15.34 |
Marcel Aubut | 73,409,996 | 87.88 | 10,121,000 | 12.12 |
Eric Finlayson | 81,622,496 | 97.72 | 1,908,500 | 2.28 |
Ousmane Paye | 83,483,496 | 99.94 | 47,500 | 0.06 |
Richard Quesnel | 73,50l,496 | 87.99 | 10,029,500 | 12.01 |
Quentin Markin | 81,609,496 | 97.70 | 1,921,500 | 2.30 |
Mr. Quentin Markin was appointed as a new member to theBoard of Directors to replace Mr. Govind Friedland, who did not standfor re-election. The Company thanks Mr. Friedland for hiscontributions to the Board in the past years and wishes him well inhis future endeavours.
The following resolutions were also passed at theMeeting:
The proposal to re-appoint PricewaterhouseCoopers LLPas auditors of the Company for the ensuing year and authorize thedirectors to fix their remuneration.
Votes For: 84,205,195 (99.96%)
Votes Withheld/Abstained: 30,000 (0.04%)
The re-approval of the Company’s stock option plan.
Votes For: 83,429,611 (99.88%)
Votes Against: 101,385 (0.12%)
The adoption by SRQ of an omnibus equity incentivecompensation plan, in the form appended to the Circular.
Votes For: 70,583,946 (84.50%)
Votes Against: 12,947,050 (15.50%)
About Sama Resources Inc.
Sama is a Canadian-based, growth-oriented resourcecompany focused on exploring the Samapleu nickel-copper project inCôte d’Ivoire, West Africa. The Company is managed by experiencedindustry professionals with a strong track record of discovery. Samais committed to developing and exploiting the Samapleu Nickel-Copperand Platinum Group Element Resources.
Sama’s projects are located approximately 600 kmnorthwest of Abidjan in Côte d’Ivoire and are flanked to the westby the Ivorian and Guinean borders . Sama’s projects are locatedadjacent to the large world-class nickel-cobalt laterite deposits ofSipilou and Foungouesso, forming a 125 km-long new Base Metal Camp inWest Africa.
Sama owns 70% interest in the Samapleu nickel-copperproject in Côte d’Ivoire with its joint venture partner IvanhoeElectric owning 30%. Ivanhoe Electric has the option to purchase up toa 60% interest in the project.
For more information about Sama, please visit Sama’swebsite at www.samaresources.com.
Contact Information:
Dr. Marc-Antoine Audet, President and CEO
Tel: (514) 726-4158
Mr. Matt Johnston, Corporate Development Advisor
Tel: (604) 443-3835 or (877) 792-6688, Ext. 5
Forward-Looking Statements
Certain of the statements made andinformation contained herein are “forward-looking statements” or“forward-looking information” within the meaning of Canadiansecurities legislation. Forward-looking statements and forward-lookinginformation such as “will”, could”, “expect”,“estimate”, “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, thecompletion of the conditions of the Arrangement, the listing of SRQ onthe TSX-V, the proposed board of directors and management team of SRQ,the effects of the Arrangement on the Company and SRQ, the ability ofSRQ to convert resources in reserves, its ability to see through thenext phase of development on the project, its ability to produce apre-feasibility study or a feasibility study regarding the project,its ability to execute on its development plans in terms of metallurgyor exploration, the availability of financing for activities, risksand uncertainties relating to the interpretation of drill results andthe estimation of mineral resources and reserves, the geology, gradeand continuity of mineral deposits, the possibility that futureexploration, development or mining results will not be consistent withSRQ’s expectations, metal price fluctuations, environmental andregulatory requirements, availability of permits, escalating costs ofremediation and mitigation, risk of title loss, the effects ofaccidents, equipment breakdowns, labour disputes or otherunanticipated difficulties with or interruptions in exploration ordevelopment, the potential for delays in exploration or developmentactivities, the inherent uncertainty of cost estimates and thepotential for unexpectedcosts and expenses, commodity price fluctuations, currencyfluctuations, expectations and beliefs of management and other risksand uncertainties.
In addition, forward-lookingstatements and forward-looking information are based on variousassumptions. Should one or more of these risks and uncertaintiesmaterialize, or should underlying assumptions prove incorrect, actualresults may vary materially from those described in theforward-looking information or forward-looking statements.Accordingly, readers are advised not to place undue reliance onforward-looking statements or forward-looking information. Except asrequired under applicable securities legislation, the Companyundertakes no obligation to publicly update or revise forward-lookingstatements or forward-looking information, whether as a result of newinformation, future events or otherwise.
Neither the TSX-V nor its RegulationServices Provider (as that term is defined in the policies of theTSX-V) accepts responsibility for the adequacy or accuracy of thisrelease.
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