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. reports company developments tied to gold exploration, project acquisitions, governance and dispute-related matters. The company’s recurring updates center on the Cosmo and Mt Venn Gold Projects in Western Australia’s Laverton Gold District, including exploration strategy, landholding changes and project-level agreements. News also covers Sarama’s arbitration proceedings connected to the Tankoro 2 Exploration Permit and Sanutura Project in Burkina Faso, along with auditor changes, shareholder voting matters, capital-structure disclosures and investor-engagement initiatives.
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.
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Sarama Resources Ltd. has granted 6,809,999 stock options to directors, officers, employees, and consultants as part of its annual compensation review. This grant aligns with the company’s stock option plan approved by shareholders on December 21, 2022, allowing options issuance up to 10% of its rolling issued shares annually. The options have an exercise price of A$0.16, significantly above recent capital raise and trading prices. Approval for options issued to directors, totaling 3,016,666, will be sought at the upcoming AGM in June 2023. Currently, a total of 13,190,000 options remain outstanding, subject to approval. The options are exercisable for three years and vest immediately.
Sarama Resources Ltd. has initiated a +50,000m drill program at its 100%-owned Sanutura Project in Burkina Faso following an A$8M public offering. The program aims to enhance the current Mineral Resource of 0.6Moz (Indicated) and 2.3Moz (Inferred) gold by targeting near-surface oxide extensions and regional greenfield sites. Approximately 220 targets across 28 prospect areas will be tested. Results from this drilling, which is the first in five years, are expected to provide updates in 2023, potentially increasing the project's value and resource estimates significantly.