Sarama Completes Tranche 1 Equity Placement and ASX Cleansing Notice
Rhea-AI Summary
Sarama Resources (OTC:SRMMF) closed Tranche 1 of its previously announced A$1.5 million equity placement, raising A$1,418,250 via 40,521,427 CDIs at A$0.035 each.
Tranche 2, for 2,335,715 Director CDIs (A$81,750), remains subject to shareholder and TSXV approval. Proceeds will fund exploration, corporate costs and support a US$242 million damages claim against the Government of Burkina Faso.
AI-generated analysis. Not financial advice.
Positive
- Tranche 1 raised gross proceeds of A$1,418,250 at A$0.035 per CDI
- Total placement planned at A$1.5 million, with Tranche 2 adding A$81,750
- Board and management subscribed for 2,907,143 CDIs, including Director CDIs
- 32% of proceeds allocated to exploration activities
- 8% of proceeds earmarked for legal and regulatory costs, including the US$242m claim
Negative
- Issue of 40,521,427 new CDIs in Tranche 1 increases shares on issue
- Tranche 2 for 2,335,715 Director CDIs depends on late-August 2026 shareholder approval
- Placement remains subject to final TSXV approval
- Approximately A$783,000 of proceeds directed to non-arm’s length parties
- Finder’s fees of A$28,692 paid to third-party firms
- CDIs issued to management under Tranche 1 subject to four-month TSXV hold period
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
VANCOUVER, BC AND PERTH, AU / ACCESS Newswire / May 29, 2026 / Sarama Resources Ltd. ("Sarama" or the "Company") (ASX:SRR)(TSX-V:SWA) is pleased to report that on 29 May 2026, it closed tranche 1 ("Tranche 1") of its previously announced A
Tranche 1 of the Placement raised aggregate gross proceeds of A
The Placement was issued to existing shareholders and institutional investors.
Funds raised will be used to progress the Company's exploration projects and for general working capital purposes as the Company pursues its US
Members of Sarama's board and management have subscribed for an aggregate 2,907,143 CDls in the Placement (inclusive of the Director CDIs to be issued to directors in Tranche 2). Tranche 2 of the Placement is anticipated to occur shortly following the receipt of the necessary shareholder approvals at a meeting of shareholders of the Company to be held late August 2026.
The Placement remains subject to the final approval of the TSX Venture Exchange ("TSXV"). The CDIs issued to Sarama's management under Tranche 1 of the Placement are subject to the TSXV's four month hold period. All other subscribers under Tranche 1 of the Placement were not subject to any hold periods as they were located outside of Canada.
Each director or officer that participates in the Placement is a "related party" of the Company within the meaning of that term in Canadian Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions ("MI 61-101"). Participation by them in the Placement is therefore a "related party transaction" within the meaning of MI 61-101. Pursuant to Section 5.5(a) and 5.7(1)(a) of MI 61-101, the Company was exempt from obtaining a formal valuation and minority approval of the Company's shareholders in respect of the Placement due to the fair market value of their participation being below
The Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the Placement securities within the United States or to, or for the account or benefit of, U.S. Persons (as defined under Regulation S under the U.S. Securities Act), nor shall there be any sale of these Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
An estimated breakdown of the use of proceeds from the Placement are listed below;
Description | % of total use of Proceeds |
Exploration | |
Executive management | |
Corporate administration | |
Director fees | |
Legal & regulatory | |
Accounting & secretarial | |
Claim costs - Salaries and Travel | |
Total |
An estimated
Notice under section 708A(5)(e) of the Corporations Act 2001 (Cth)
This notice is given by Sarama Resources Ltd. (ARBN 143 964 649) ("Company") under section 708A(5)(e) of the Corporations Act 2001 ("Corporations Act") as modified by ASIC Corporations (Offers of CHESS Depository Interests) Instrument 2025/180 ("Instrument").
1. The CDIs were issued without disclosure to investors under Part 6D.2 of the Corporations Act. 2. This notice is being given under section 708A(5)(e) of the Corporations Act. 3. The Company, as at the date of this notice, has complied with: a) the provisions of section 601CK of the Corporations Act as they apply to the Company; and b) sections 674 and 674A of the Corporations Act. 4. As at the date of this notice, there is no information, for the purposes of section 708A(7) and 708A(8): a) that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and b) that investors and their professional advisers would reasonably require for the purpose of making an informed assessment of: (i) the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or (ii) the rights and liabilities attaching to the CDIs. |
Where applicable, references in this notice to sections of the Corporations Act are to those sections as modified by the Instrument.
This announcement was authorised by the board of Sarama.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Company Activities
Andrew Dinning
Sarama Resources Ltd
e: info@saramaresources.com
t: +61 8 9363 7600
CAUTION REGARDING FORWARD LOOKING INFORMATION
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Such forward-looking information includes, but is not limited to, statements regarding the timing for closing Tranche 2 of the Placement, the intended use of proceeds from the Placement, including any timeline for the use thereof and any objectives to be achieved from the use thereof, the success of the Claim or the quantum of damages associated therewith, timing for filing a material change report, timing and receipt of approval from the TSXV for the Placement, the receipt of shareholder approval for Tranche 2 and holding of a general meeting of shareholders. Actual results, performance or achievements of the Company may vary from the results suggested by such forward-looking statements due to known and unknown risks, uncertainties, and other factors. Such factors include, among others, that the business of exploration for gold and other precious minerals involves a high degree of risk and is highly speculative in nature; mineral resources are not mineral reserves, they do not have demonstrated economic viability, and there is no certainty that they can be upgraded to mineral reserves through continued exploration; few properties that are explored are ultimately developed into producing mines; geological factors; the actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; risks related to the success of the Claim;as well as those factors disclosed in the Company's publicly filed documents.
There can be no assurance that any mineralisation that is discovered will be proven to be economic, or that future required regulatory licensing or approvals will be obtained. However, the Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration activities, the sufficiency of funding, the timely receipt of required approvals, the price of gold and other precious metals, that the Company will not be affected by adverse political and security-related events, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain further financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information.
Sarama does not undertake to update any forward-looking information, except as required by applicable laws.
SOURCE: Sarama Resources Ltd.
View the original press release on ACCESS Newswire