Welcome to our dedicated page for Sarama Res news (Ticker: SRMMF), a resource for investors and traders seeking the latest updates and insights on Sarama Res stock.
Sarama Resources Ltd (SRMMF) generates a steady flow of news linked to its dual focus on gold exploration and international arbitration. The company’s releases describe how it is building a belt-scale exploration position in the Laverton Gold District of Western Australia while also pursuing a significant arbitration claim related to a former project in Burkina Faso. Because Sarama is listed on both the TSX Venture Exchange and the Australian Securities Exchange, its announcements often address developments across multiple regulatory and capital markets frameworks.
Investors following Sarama’s news can expect detailed updates on exploration activities at the Cosmo Gold Project and the Mt Venn Project in the Eastern Goldfields of Western Australia. Recent disclosures have covered land acquisitions, joint venture arrangements, soil geochemistry programs and plans for maiden drilling campaigns on gold-in-soil trends. These items help readers track how the company is advancing its exploration portfolio and prioritising targets within its 1,000km² Laverton landholding.
Another major theme in Sarama’s news flow is its arbitration proceedings against the Government of Burkina Faso. Releases provide information on procedural milestones at the International Centre for Settlement of Investment Disputes, including the filing of a Request for Arbitration, constitution of an arbitral tribunal and submission of a written Memorial. The company also reports on its Litigation Funding Agreement and legal representation, offering context on how the claim is financed and managed.
Additional news items cover equity placements, option issuances, share-based settlements of deferred compensation, and investor relations initiatives such as the launch of an interactive InvestorHub platform. Together, these updates give investors insight into Sarama’s funding arrangements, capital structure and communication practices. For readers interested in gold exploration, joint venture structures and arbitration-related developments, Sarama’s news feed provides ongoing, company-specific information that can be revisited as new announcements are released.
Sarama Resources has secured a US$4.4 million non-recourse loan facility from Locke Capital II to fund international arbitration proceedings against the Government of Burkina Faso. The dispute stems from the illegal withdrawal of the company's Tankoro 2 Exploration Permit in August 2023, which hosted a multi-million-ounce gold resource. The four-year facility covers all legal expenses, with repayment only required upon successful claim settlement. Boies Schiller Flexner, a leading international law firm, has been engaged to handle the arbitration process through the World Bank's International Centre for Settlement of Investment Disputes.
Sarama Resources announced progress on its acquisition of the Cosmo Gold Project in Western Australia. Field exploration, including soil geochemistry programs, is underway. Meetings with local Traditional Owner groups have been positive. The acquisition, involving an 80% interest in most exploration licences, awaits shareholder approval at Cosmo Gold's AGM on November 4, 2024, with completion expected by mid-November. The 580km² project covers the Cosmo-Newbery Greenstone Belt, known for its gold potential. Sarama's shareholders and securities exchanges in Australia and Canada have already approved the transaction. The project, one of the last unexplored greenstone belts, offers significant exploration opportunities. Board changes include Simon Jackson becoming Non-Executive Director and Andrew Dinning assuming the role of Executive Chairman.
Sarama Resources is advancing towards completing the acquisition of a majority interest in the Cosmo Gold Project in Western Australia. The acquisition has received strong support from shareholders and necessary approvals from Australian and Canadian securities exchanges. Completion is expected in late October 2024. The 580km² project covers the Cosmo-Newbery Greenstone Belt, a largely unexplored area with significant gold potential. Sarama will initially acquire 80% interest, with the option to increase to 100%. Exploration programs are set to commence, focusing on soil geochemistry to generate regional targets. This acquisition aligns with Sarama's strategy to expand its gold exploration portfolio.
Sarama Resources (ASX:SRR, TSX-V:SWA) has completed the issue of shares to settle deferred executive salaries and director fees. The company issued 22,348,980 Chess Depository Instruments (CDIs) at a deemed price of A$0.02 per CDI, totaling A$446,979.60. This share-for-debt arrangement, approved by shareholders on September 11, 2024, aims to reduce the company's liabilities. The CDIs are subject to a 4-month hold period on the TSX Venture Exchange. Sarama also provided a notice under section 708A(5)(e) of the Corporations Act 2001, confirming compliance with disclosure requirements and the absence of excluded information that investors would reasonably require for informed assessment.
Sarama Resources (ASX:SRR, TSX-V:SWA) has completed the final tranche of its A$1 million equity placement. The second tranche raised A$100,000 by issuing 5 million CDIs at A$0.02 each. This follows the first tranche completed in June, which raised A$900,000. The placement received shareholder approval on September 11, 2024.
Funds will be used for exploration, evaluating acquisitions, and working capital. Finders' fees of A$6,000 were paid for Tranche 2. The placement is subject to TSXV final approval. The company provided a notice under section 708A(5)(e) of the Corporations Act 2001, confirming compliance with disclosure requirements and the absence of excluded information.
Sarama Resources has entered into a binding agreement to acquire a majority interest in the Cosmo Newbery Gold Project in Western Australia. The 580km² project covers the entire Cosmo-Newbery Greenstone Belt, located 85km north-east of Laverton. Key highlights include:
- One of the last effectively unexplored greenstone belts in Western Australia
- Excellent access to infrastructure and nearby producing gold mines
- Sarama to initially acquire an 80% interest in the majority of the Project
- Option to increase ownership to 100% within 2 years post-completion
The transaction involves issuing 25 million Sarama shares and 7.5 million unlisted options to Adelong Gold , along with various payments totaling approximately A$427,000. Upon completion, Sarama and Cosmo will form an unincorporated joint venture, with Sarama free-carrying Cosmo's interest until a decision to mine is made.
Sarama Resources (ASX:SRR)(TSX-V:SWA) has granted 9,900,000 stock options to directors, officers, employees, and consultants as part of its annual compensation review. The options have an exercise price of A$0.03 each, which is 50% above the last capital raise price, 17% above the 10-day VWAP, and 20% above the last trading day price on the ASX. The options will vest immediately and are exercisable for 3 years.
The company plans to issue 4,500,000 options to directors, subject to shareholder approval at the next AGM in September 2024. On January 14, 2024, 3,158,336 options expired. The total options outstanding is 19,431,664, pending approval of the director options.
Sarama Resources (ASX:SRR, TSX-V:SWA) has reported an inadvertent breach of ASX Listing Rules related to its recent capital raising. The company announced a A$1 million Placement on June 19, 2024, comprising two tranches. Tranche 1, involving 45,000,000 CDIs at A$0.02 each, was issued on June 25, 2024. However, Sarama discovered it had mistakenly issued a portion of Tranche 1 CDIs under Listing Rule 7.1A, which had recently lapsed.
As a result, Sarama has breached Listing Rule 7.1 and is now subject to a Placement Holiday until February 2, 2025. The company cannot issue new securities under Listing Rules 7.1 and 7.1A during this period, except for specific exceptions. Sarama is committed to ensuring future compliance and has taken remedial actions to prevent similar breaches.
Sarama Resources (ASX:SRR, TSX-V:SWA) has announced a corporate update regarding the issuance of Compensation Shares to its Executives and Non-Executive Directors. The company plans to issue 22,348,980 shares at a deemed price of A$0.02 per share, subject to TSX-V and ASX approvals. This arrangement is to settle deferred salaries and fees from September 2023, when payments were suspended due to the illegal withdrawal of the company's rights to the Tankoro 2 exploration permit.
The issuance requires shareholder approval at the Annual General Meeting on September 4, 2024. Post-issuance, Sarama will have 251,271,149 common shares outstanding. The company is also working on acquiring rights to the Cosmo Newbery Gold Project in Western Australia and pursuing legal action regarding the Tankoro 2 permit in Burkina Faso.
Sarama Resources has signed a non-binding Memorandum of Understanding (MOU) with Cosmo Gold and Adelong Gold to acquire the Cosmo Newbery Project in Eastern Goldfields, Western Australia, as announced on June 17, 2024. The acquisition process involves due diligence, execution of a definitive agreement, and compliance with Conditions Precedent such as shareholder and stock exchange approvals. This acquisition aims to secure a historically prospective but largely unexplored greenstone belt situated between Laverton and the Gruyere gold mine. The deal includes a mix of share and cash payments and tenement expenditure.
Land access agreements with Traditional Owners and Ministerial Consent have been successfully negotiated, enabling modern exploration in this area.