/NOT FOR DISTRIBUTION TO A UNITED
STATES NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES/
TSX-V Ticker: SWA, SWA.WT
PERTH, Australia, Oct. 16, 2012 /CNW/ - Sarama Resources Limited
("Sarama" or the "Company") is pleased to announce
the completion of its bought deal offering (the "Offering")
announced on September 26, 2012,
raising gross proceeds of $12,000,000.60. A syndicate of underwriters
comprised of GMP Securities L.P., Cormark Securities Inc., BMO
Nesbitt Burns Inc. and Raymond James Ltd. (collectively, the
"Underwriters") purchased 13,333,334 Units at a purchase
price of $0.90 per Unit. As
previously announced, each Unit consists of one Common Share of the
Company and one-half of one Common Share purchase warrant of the
Company (each whole warrant being a "Warrant"). Each
Warrant entitles the holder to purchase one Common Share of Sarama
at a price of $1.20 any time prior to
5:00 p.m. (Toronto time) on the date that is two years
after closing of the Offering.
Sarama's President and CEO, Andrew Dinning commented:
"We are very pleased with the completion of
this offering and the continued confidence being shown in the plans
and activities of the Company. We are excited by the
exploration results we have achieved to date and are pleased with
the on-going consolidation of our position in Burkina Faso in the southern Houndé and
Banfora Belts where we have assembled a suite of exploration
properties containing targets ranging from the advanced MM Prospect
to large prospective gold-in-soil trends that are yet to be
tested. Following the success of this capital raising, we
will be pursuing our exploration programs aggressively."
These securities have not been and will not
be registered under the United States 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 short form
prospectus does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities offered hereby 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).
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.
ABOUT SARAMA RESOURCES LTD
Sarama Resources Ltd is focused on the exploration and
development of gold deposits in West
Africa. The board of directors and management team, a
majority of whom are founders of the Company, are seasoned resource
industry professionals with extensive experience in the exploration
and development of world-class gold projects in Africa.
The South Houndé Project in south-west
Burkina Faso is the Company's
flagship property and is currently the focus of an aggressive
exploration program to test gold-in-soil anomalies located in a
20km-long structural corridor. Recent drilling programs at
the South Houndé Project have intersected significant
mineralisation in several prospect areas which the Company is
actively following up. The Company has built substantial
early stage exploration landholdings in prospective and
underexplored areas of Burkina
Faso (3,100 km²), Liberia
(>2,400 km²) and Mali (>560
km²) and is aggressively exploring across the property
portfolio.
CAUTION REGARDING FORWARD LOOKING
STATEMENTS
Information in this news release that is not a statement of
historical fact constitutes forward-looking information. Such
forward-looking information includes statements regarding the
Company's planned exploration programs. 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; 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 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 Limited