MONTREAL, June 12, 2019 (GLOBE NEWSWIRE) -- Sama Resources Inc. (“Sama”) (TSXV: SME | OTC.PK: SAMMF) and HPX Ivory Coast Holdings Inc. (“HPX Ivory Coast”), a subsidiary of High Power Exploration Inc. (“HPX”), a private mineral exploration company in which mining entrepreneur Robert Friedland is the Chairman and CEO, announce that HPX will begin the exercise of Sama share purchase warrants to continue to advance the Yepleu Nickel-Copper-Cobalt-Palladium Project in Côte d’Ivoire, West Africa. Sama is exploring the Yepleu Project through a strategic partnership with HPX, utilizing HPX’s proprietary Typhoon electromagnetic geophysical survey technology.
HPX exercises first tranche of its Sama warrants
Sama reports that 7,142,857 share purchase warrants of the Company held by HPX (“HPX Warrants”) have been exercised prior to the scheduled expiry date of April 13, 2020. The HPX Warrants were exercised at a price of $0.28 per warrant share for total proceeds of approximately CAD$2 million. The HPX Warrants are the first portion of the 25,000,000 share purchase warrants held by HPX pursuant to a private placement with the Company first announced on October 23, 2017. Assuming the full exercise of the remaining 17,857,143 warrants, the total proceeds from the private placement will be C$12,250,000.
“We very much value our partnership with HPX. The use of HPX’s Typhoon system, and the highly-accurate geophysical inversions by HPX subsidiary Computational Geosciences, is dramatically accelerating our targeting of sulphide mineralization at Yepleu. Coupled with HPX’s access to capital and its in-house technical expertise, the partnership with HPX is a tremendous advantage in today’s capital market environment.” Stated Dr. Marc Antoine Audet, President & CEO of Sama Resources Inc.
“HPX is excited by the progress on the Yepleu Project. All holes drilled to date on Typhoon anomalies have encountered mineralization. With many targets yet to explore, this success means that our partnership with Sama is now attracting considerable industry attention.” Stated Eric Finlayson, President of HPX.
HPX is a privately-owned, metals-focused exploration company deploying proprietary in-house geophysical technologies to rapidly evaluate buried geophysical targets. The HPX technology cluster comprises geological and geophysical systems for targeting, modelling, survey optimization, acquisition, processing and interpretation. HPX has a highly experienced board and management team led by Chief Executive Officer Robert Friedland and President Eric Finlayson, a former head of exploration at Rio Tinto. For further information, please visit www.hpxploration.com.
About Sama Resources
Sama is a Canadian-based mineral exploration and development company with projects in West Africa. On October 23, 2017, Sama announced that it had entered into a binding term sheet in view of forming a strategic partnership with HPX TechCo Inc., a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop its Côte d’Ivoire Nickel-Copper and Cobalt project in Côte d’Ivoire, West-Africa. For more information about Sama, please visit Sama’s website at http://www.samaresources.com.
The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, P.Geo and President and CEO of Sama, and a ‘qualified person’, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
FOR FURTHER INFORMATION, PLEASE CONTACT:
SAMA RESOURCES INC./RESSOURCES SAMA INC.
Dr. Marc-Antoine Audet, President and CEO
Tel: (514) 726-4158
Matt Johnston, Corporate Development Advisor
Tel: (604) 443-3835
Toll Free: 1 (877) 792-6688, Ext. 5
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Certain of the statements made and information contained herein are “forward-looking statements” or “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking statements and forward-looking information such as “assume”, “dramatically accelerating”, “advantage”, “success”, “confirm”, “evidence”, “potential”, “validate”, “appears”, “seems”, “suggest”, are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or forward-looking information, including, without limitation, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties.
In addition, forward-looking statements and forward-looking information are based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.