Sarama Resources Announces Closing of Over-Allotment Option
Exercise by Underwriters
NOT FOR DISTRIBUTION TO A UNITED
STATES NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
TSX-V Ticker: SWA
SWA.WT
VANCOUVER,
Nov. 14, 2012 /CNW/ - Sarama
Resources Limited ("Sarama" or the "Company") is
pleased to announce the closing today of the sale of 616,500 common
shares of the Company (the "Common Shares") and 1,000,000
Common Share purchase warrants (the "Warrants") of the
Company, for gross aggregate proceeds to the Company of
C$617,107.50, pursuant to the
exercise of the over-allotment option (the "Over-Allotment
Option") granted to GMP Securities L.P., Cormark Securities
Inc., BMO Nesbitt Burns Inc. and Raymond James Ltd. (collectively,
the "Underwriters") in connection with the Company's bought
deal offering of 13,333,334 units which was completed on
October 16, 2012. Each Warrant
entitles the holder to purchase one Common Share at a price of
C$1.20 any time prior to 5:00 p.m. (Toronto time) on October 16, 2014.
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