Sarama Resources Provides Update on Sale of Liberian Exploration Properties to Aureus Mining Inc.

VANCOUVER, BC– Sarama Resources Ltd. (the "Company" or "Sarama") (TSX VENTURE: SWA) wishes to announce that Aureus Mining Inc. ("Aureus") has agreed to an amendment to terms of the previously announced acquisition of three Liberian exploration properties held by the Company (see News Release dated November 3, 2015).

Aureus originally agreed to acquire the exploration properties for a total consideration of 2,600,000 Aureus common shares. To reflect the increased share capital and current share price of the company, Aureus has now agreed to increase the consideration of common shares by 4,045,070 to a total consideration of 6,645,070 Aureus common shares.

All other terms remain unchanged including the agreed purchase by Sarama of an uncapped 1% net smelter return royalty on gold produced from the Cape Mount property, from the previous owner.

Closing of the transaction with Aureus is subject to the satisfaction of usual conditions precedent, including receipt of all governmental and regulatory approvals including the approval of the Toronto Stock Exchange and TSX Venture Exchange. The shares issued to Sarama will be subject to the statutory four month hold period from the date of issue.


(Visited 35 times, 1 visits today)

Be the first to comment

Leave a Reply

Your email address will not be published.