Sarama Announces Equity Placement of Up to A$2M and Issue of Equity for Debt
Sarama Resources has secured binding commitments for a A$2 million equity placement at A$0.03 per CDI, issuing up to 66,666,666 Chess Depository Interests. The placement includes one free attaching unlisted option for every 4 CDIs, exercisable at A$0.09 until November 2028. Additionally, the company will issue shares to executives and directors for deferred salaries totaling A$393,981.18, comprising 13,132,706 shares and 3,283,174 warrants. The funds will support exploration activities and working capital. The placement price represents a 15% discount to the 10-day VWAP and 21% discount to the last ASX traded price.
Sarama Resources ha ricevuto impegni vincolanti per un collocamento di capitale di 2 milioni di dollari australiani a 0,03 dollari australiani per CDI, emettendo fino a 66.666.666 Chess Depository Interests. Il collocamento include un'opzione non quotata gratuita per ogni 4 CDIs, esercitabile a 0,09 dollari australiani fino a novembre 2028. Inoltre, l'azienda emetterà azioni per dirigenti e membri del consiglio a fronte di stipendi differiti per un totale di 393.981,18 dollari australiani, comprendenti 13.132.706 azioni e 3.283.174 warrant. I fondi supporteranno le attività di esplorazione e il capitale di esercizio. Il prezzo di collocamento rappresenta uno sconto del 15% rispetto al VWAP a 10 giorni e un sconto del 21% rispetto all'ultimo prezzo negoziato in ASX.
Sarama Resources ha asegurado compromisos vinculantes para una colocación de capital de 2 millones de dólares australianos a 0,03 dólares australianos por CDI, emitiendo hasta 66.666.666 Intereses de Depósito de Chess. La colocación incluye una opción no cotizada gratuita por cada 4 CDIs, ejercitable a 0,09 dólares australianos hasta noviembre de 2028. Además, la empresa emitirá acciones para ejecutivos y directores como parte de salarios deferidos por un total de 393.981,18 dólares australianos, que comprenden 13.132.706 acciones y 3.283.174 warrants. Los fondos apoyarán las actividades de exploración y el capital de trabajo. El precio de colocación representa un descuento del 15% respecto al VWAP a 10 días y un descuento del 21% respecto al último precio negociado en ASX.
사라마 리소스는 200만 호주 달러의 자본 배치에 대해 바인딩 약정을 확보했으며, CDI당 0.03 호주 달러에 최대 66,666,666 개의 체스 예탁증서(Chess Depository Interests)를 발행합니다. 이 배치는 CDIs 4개당 1개의 비상장 옵션을 무료로 제공하며, 이 옵션은 2028년 11월까지 0.09 호주 달러에 행사할 수 있습니다. 또한, 이 회사는 이연 급여에 대해 총 393,981.18 호주 달러에 해당하는 주식을 경영진과 이사에게 발행할 예정이며, 이 발행에는 13,132,706주의 주식과 3,283,174개의 워런트가 포함됩니다. 자금은 탐사 활동과 운영 자본을 지원할 것입니다. 배치 가격은 10일간의 VWAP에 대해 15%의 할인이며, 마지막 ASX 거래 가격에 대해 21%의 할인이 적용됩니다.
Sarama Resources a obtenu des engagements contraignants pour une augmentation de capital de 2 millions de dollars australiens à 0,03 dollar australien par CDI, émettant jusqu'à 66.666.666 Intérêts de Dépôt Chess. L'augmentation inclut une option non cotée gratuite pour chaque 4 CDIs, exerçable à 0,09 dollar australien jusqu'en novembre 2028. De plus, la société émettra des actions aux dirigeants et administrateurs pour des salaires différés totalisant 393.981,18 dollars australiens, comprenant 13.132.706 actions et 3.283.174 bons de souscription. Les fonds soutiendront les activités d'exploration et le fonds de roulement. Le prix de l'augmentation représente une réduction de 15 % par rapport au prix moyen pondéré par volume (VWAP) sur 10 jours et une réduction de 21 % par rapport au dernier prix négocié sur l'ASX.
Sarama Resources hat verbindliche Zusagen für eine Kapitalplatzierung von 2 Millionen AUD zu 0,03 AUD pro CDI gesichert und wird bis zu 66.666.666 Chess Depository Interests emittieren. Die Platzierung beinhaltet eine kostenlose, nicht kotierte Option für jeweils 4 CDIs, die bis November 2028 zu 0,09 AUD ausgeübt werden kann. Darüber hinaus wird das Unternehmen Aktien an Führungskräfte und Direktoren für aufgeschobene Gehälter im Gesamtwert von 393.981,18 AUD ausgeben, die 13.132.706 Aktien und 3.283.174 Warrants umfassen. Die Mittel werden Aktivitäten zur Exploration und für das Betriebskapital unterstützen. Der Platzierungspreis stellt einen Rabatt von 15 % auf den 10-Tage-Durchschnittspreis (VWAP) und 21 % auf den letzten ASX-Preis dar.
- Secured A$2 million in new funding through equity placement
- Strong support from existing shareholders and investors
- Management aligned with shareholders through salary-to-equity conversion
- Significant share dilution through new CDI issuance
- 21% discount to last traded price on ASX indicates weak pricing power
- Deferred salary payments suggest cash flow constraints
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
PERTH, AUSTRALIA AND VANCOUVER, BC / ACCESSWIRE / November 21, 2024 / Sarama Resources Ltd. ("Sarama" or the "Company") (ASX:SRR)(TSXV:SWA) is pleased to announce it has received binding commitments to undertake a A
Funds raised will be used to undertake exploration activities, general administration and for general working capital purposes. The Placement was well supported by existing shareholders and professional and sophisticated investors.
The Placement will comprise the issue of up to 66,666,666 Chess Depository Interests ("CDIs") at an issue price of A
Subject to the receipt of shareholder approval, Sarama will issue 1 free attaching unlisted option ("Placement Option") for every 4 new CDIs issued pursuant to the Placement. Each Placement Option will be exercisable at A
Australian resources brokers, Ventnor Securities Pty Ltd and RM Capital will act as Advisor and Lead Manager for the Placement and will receive up to 14,000,000 broker options, depending on quantum of funds raised, ("Broker Options") at an exercise price of A
The Placement is comprised of two tranches:
Tranche 1 consists of 66,666,666 new CDIs which will be issued pursuant to the approval granted by shareholders at the annual general meeting held on 11 September 2024. The Company expects to complete allotment of the new CDIs under Tranche 1 by 27 November 2024.
Tranche 2 consists of up to 16,666,666 Placement Options and up to 14,000,000 Broker Options which are subject to shareholder approval at a special meeting of shareholders anticipated to be held in late January 2025 ("Special Meeting"). No funds will be received from Tranche 2.
The Placement remains subject to the approval of the TSXV.
Members of Sarama's Board and Management do not intend to subscribe for any CDIs in the Placement, however concurrent with the Placement the Company's executives and non-executive directors have agreed to receive a portionof their deferred salaries and director fees, in an aggregate amount of A
In September 2023, the Company's executives and non-executive directors agreed to suspend the payment of salaries and fees to ensure the Company had sufficient financial resources to work through the period of uncertainty created by the illegal withdrawal of the Company's rights to the Tankoro 2 exploration permit in August 2023.
The Company intends to issue shares (CDIs) and warrants (options) on the same terms as the Placement in part settlement of deferred executive salaries and director fees, subject to the ASX Listing Rules and the prior approval of the TSXV.
Pursuant to the requirements of the TSXV, the Company has sought approval to implement this shares-for-debt arrangement to issue up to 13,132,706 shares (CDIs) and 3,283,174 warrants (options) to the executives and non-executive directors. The deemed issue price of each common share (CDI) is A
This announcement was authorised for release to the ASX by the Board of Sarama Resources Ltd.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Company Activities
Andrew Dinning or Paul Schmiede
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 terms of the Placement, the intended use of proceeds from the Placement, timing and completion of the Placement, timing and completion of the second tranche issuance, timing and receipt of approval from the TSXV for the Placement, terms of the Placement Options, terms of the Broker Options and payment of the capital raising fee, the holding of a special meeting of shareholders, and timing and receipt of approval from the TSXV for the shares for debt issuance. 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, 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 accesswire.com
FAQ
What is the size and price of Sarama Resources (SRMMF) November 2024 equity placement?
How many shares will Sarama Resources (SRMMF) have outstanding after the November 2024 placement?
What is the discount of Sarama Resources (SRMMF) November 2024 placement to market price?
