Sarama Completes Issue of Shares for Debt and ASX Cleansing Notice
Sarama Resources has completed the issuance of shares for debt settlement, issuing 13,132,706 Chess Depository Interests (CDIs) at A$0.03 per CDI, totaling A$393,981.18. This arrangement was implemented to settle deferred executive salaries and director fees.
The issuance received both TSXV and shareholder approval at a special meeting on February 4, 2025. The CDIs are subject to a 4-month and one-day TSXV hold period from the issue date. The transaction qualifies as a 'related party transaction' under MI 61-101, with an exemption from formal valuation and minority approval requirements due to the fair market value being below 25% of the company's market capitalization.
This debt-to-equity conversion will help reduce the company's liabilities. The CDIs represent beneficial interests in common shares and rank equally with existing CDIs.
Sarama Resources ha completato l'emissione di azioni per il rimborso dei debiti, emettendo 13.132.706 Chess Depository Interests (CDI) a A$0,03 per CDI, per un totale di A$393.981,18. Questo accordo è stato implementato per saldare gli stipendi arretrati dei dirigenti e le parcelle dei direttori.
L'emissione ha ricevuto l'approvazione sia dalla TSXV che dagli azionisti in una riunione straordinaria il 4 febbraio 2025. I CDI sono soggetti a un periodo di blocco di 4 mesi e un giorno dalla data di emissione. La transazione è classificata come 'transazione tra parti correlate' ai sensi della MI 61-101, con un'esenzione dai requisiti di valutazione formale e approvazione da parte della minoranza, poiché il valore di mercato equo è al di sotto del 25% della capitalizzazione di mercato dell'azienda.
Questa conversione di debito in capitale aiuterà a ridurre le passività dell'azienda. I CDI rappresentano interessi benefici in azioni ordinarie e si collocano allo stesso livello dei CDI esistenti.
Sarama Resources ha completado la emisión de acciones para la liquidación de deudas, emitiendo 13.132.706 Chess Depository Interests (CDIs) a A$0,03 por CDI, totalizando A$393.981,18. Este acuerdo se implementó para liquidar salarios ejecutivos diferidos y honorarios de directores.
La emisión recibió la aprobación tanto de la TSXV como de los accionistas en una reunión especial el 4 de febrero de 2025. Los CDIs están sujetos a un período de retención de 4 meses y un día a partir de la fecha de emisión. La transacción califica como una 'transacción con partes relacionadas' bajo la MI 61-101, con una exención de los requisitos de valoración formal y aprobación de minorías debido a que el valor de mercado justo está por debajo del 25% de la capitalización de mercado de la empresa.
Esta conversión de deuda en capital ayudará a reducir las obligaciones de la empresa. Los CDIs representan intereses beneficiarios en acciones comunes y tienen igual rango que los CDIs existentes.
사라마 자원은 부채 청산을 위해 주식 발행을 완료했으며, A$0.03의 가격으로 13,132,706개의 체스 예탁증서(CDI)를 발행하여 총 A$393,981.18을 모집했습니다. 이 조치는 연체된 임원 급여와 이사 수수료를 정산하기 위해 시행되었습니다.
발행은 2025년 2월 4일 특별 회의에서 TSXV와 주주들의 승인을 받았습니다. CDI는 발행일로부터 4개월 및 1일의 TSXV 보유 기간이 적용됩니다. 이 거래는 MI 61-101에 따른 '관련 당사자 거래'로 분류되며, 회사의 시장 가치가 25% 이하인 관계로 공식 평가 및 소수 주주의 승인 요건에서 면제됩니다.
이번 부채-자본 전환은 회사의 부채를 줄이는 데 도움이 될 것입니다. CDI는 보통주에 대한 유익한 이익을 나타내며 기존 CDI와 동등한 순위를 가집니다.
Sarama Resources a finalisé l'émission d'actions pour le règlement de dettes, émettant 13.132.706 Chess Depository Interests (CDI) à 0,03 A$ par CDI, totalisant 393.981,18 A$. Cet accord a été mis en œuvre pour régler les salaires différés des dirigeants et les honoraires des administrateurs.
L'émission a reçu l'approbation tant de la TSXV que des actionnaires lors d'une assemblée spéciale le 4 février 2025. Les CDI sont soumis à une période de blocage de 4 mois et un jour à compter de la date d'émission. La transaction est considérée comme une 'transaction entre parties liées' au sens de la MI 61-101, avec une exonération des exigences d'évaluation formelle et d'approbation des minorités en raison de la valeur marchande équitable étant inférieure à 25% de la capitalisation boursière de l'entreprise.
Cette conversion de dettes en actions contribuera à réduire les passifs de l'entreprise. Les CDI représentent des intérêts bénéfiques dans des actions ordinaires et sont de rang égal aux CDI existants.
Sarama Resources hat die Ausgabe von Aktien zur Schuldenregulierung abgeschlossen und 13.132.706 Chess Depository Interests (CDIs) zu einem Preis von A$0,03 pro CDI ausgegeben, was insgesamt A$393.981,18 entspricht. Diese Regelung wurde implementiert, um aufgeschobene Gehälter von Führungskräften und Direktor Honorare zu begleichen.
Die Ausgabe erhielt sowohl die Genehmigung der TSXV als auch der Aktionäre in einer außerordentlichen Sitzung am 4. Februar 2025. Die CDIs unterliegen einer Haltefrist von 4 Monaten und einem Tag ab dem Ausgabedatum. Die Transaktion gilt als 'Transaction mit verbundenen Personen' gemäß MI 61-101, mit einer Ausnahme von den Anforderungen an eine formelle Bewertung und der Genehmigung von Minderheitsaktionären, da der Marktwert unter 25% der Marktkapitalisierung des Unternehmens liegt.
Diese Umwandlung von Schulden in Eigenkapital wird helfen, die Verbindlichkeiten des Unternehmens zu reduzieren. Die CDIs repräsentieren wirtschaftliche Interessen an Stammaktien und stehen gleichrangig mit bestehenden CDIs.
- Reduction of company liabilities through debt-to-equity conversion
- Successfully secured shareholder and TSXV approval for the transaction
- Dilution of existing shareholders through issuance of 13.1M new CDIs
- Company required to issue shares to pay executive compensation, indicating potential cash flow concerns
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
VANCOUVER, BC AND PERTH, AUSTRALIA / ACCESS Newswire / February 11, 2025 / Sarama Resources Ltd. ("Sarama" or the "Company") (ASX:SRR)(TSX-V:SWA) is pleased to report that on 11 February 2025, it had completed the issue of shares in part settlement of deferred executive salaries and director fees (the "Compensation Shares" or the "Shares for Debt") as previously announced in a news release dated 21 November 2024.
The Shares for Debt arrangement comprised the issue of 13,132,706 Chess Depository Interests ("CDIs") at a deemed issue price of A
Table 1
Name | CDIs | Unit Price per CDI (A$) | Value (A$) |
Simon Jackson | 511,041 | 0.03 | 15,331.23 |
Steven Zaninovich | 371,666 | 0.03 | 11,149.98 |
Andrew Dinning | 4,861,111 | 0.03 | 145,833.33 |
Paul Schmiede | 5,000,000 | 0.03 | 150,000.00 |
John Hamilton | 1,666,666 | 0.03 | 49,999.98 |
Lui Evangelista | 722,222 | 0.03 | 21,666.66 |
The Compensation Shares and Shares for Debt were issued upon receipt of shareholder approval, as required by the Australian Securities Exchange Listing Rules, at the Meeting. An Appendix 2A was announced to the ASX on 11 February 2025 and provides further detail on the issue of the Compensation Shares and Shares for Debt.
The Shares for Debt arrangement will reduce the Company's liabilities.
The CDIs issued are subject to a TSX Venture Exchange ("TSXV") "hold period" of 4 months and one day from the date of issue of the CDIs.
Each of the directors and officers who participated in the Shares for Debt issuance 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 Shares for Debt issuance 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 Shares for Debt issuance due to the fair market value of their participation being below
The 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 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.
Notice under section 708A(5)(e) of the Corporations Act 2001 (Cth)
The Corporations Act 2001 (Cth) (Corporations Act) restricts the offer for sale of securities without a disclosure document unless the relevant sale satisfies an exemption set out in section 708 or section 708A of the Corporations Act. ASIC Class Order [CO 14/827] (Class Order) provides relief so that an offer of CDIs over underlying foreign securities is regulated as an offer of securities under the Corporations Act. The Company seeks to rely on an exemption in section 708A of the Corporations Act (as modified by the Class Order) with respect to any sale of the CDIs.
As required by section 708A(5)(e) of the Corporations Act as modified by the Class Order, the Company gives notice that:
1. The CDIs were issued without disclosure to investors under Part 6D.2 of the Corporations Act.
2. 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.
3. 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 Class Order.
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: |
Andrew Dinning |
e: info@saramaresources.com |
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 anticipated reduction of the Company's liabilities and issuance of a material change report. 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 ACCESS Newswire
FAQ
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