(TheNewswire)
Montreal, Quebec – TheNewswire - July 2 1 , 2023 Sama Resources Inc. (“ Sama ” or the “ Company ”)(TSXV:SME ) ; ( OTC:SAMMF) is pleased to announce that theQuébec Superior Court of Justice (Commercial Division) has issued afinal order approving the previously announced arrangement (the“ Arrangemen t”), pursuant to which the common shares of itswholly-owned subsidiary SRQ Resources Inc. (“ SRQ ”) will bespun-out.
The Arrangement remains subject to certain closingconditions, including its approval by the TSX-V.
If the conditions to closing are satisfied or waived,it is anticipated that the Arrangement will be completed before August31 st , 2023 . Followingcompletion of the Arrangement, application will be made for the commonshares of SRQ to be listed on the TSX-V.
Pursuant to the terms of the Arrangement, holders ofcommon shares in the capital of Sama (the “ Sama Shares ”) atthe effective date of the Arrangement (the “ Effective Date ”)will receive: (i) one new common share of Sama for each SamaShare held and (ii) one common share of SRQ for each 10 Sama Sharesheld (together, the “ Consideration ”). The exact Effective Date will be announcedin due course.
To receive the Consideration under the Arrangement,each registered shareholder of the Company must complete, sign, dateand return the Letter of Transmittal, which was referenced in theCompany’s Management Information Circular dated May 29, 2023 andmade available on a stand-alone basis on the Company’s SEDAR profileon June 28, 2023.
For greater clarity, the Letter of Transmittal is foruse only by registered shareholders of Sama. Shareholders whose SamaShares are registered in the name of a broker, investment dealer,bank, trust company, trustee or other nominee should contact thatnominee for assistance in depositing those common shares and shouldfollow the instructions of such nominee in order to deposit their SamaShares.
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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