Sarama Completes Tranche 1 Equity Placement and ASX Cleansing Notice

VANCOUVER, BC and PERTH, AUSTRALIA / ACCESSWIRE / June 25, 2024 / Sarama Resources Ltd. ("Sarama" or the "Company") (ASX:SRR)(TSX-V:SWA) has successfully closed tranche 1 of its planned A$1 million equity placement. This tranche raised A$900,000 through the issuance of 45,000,000 Chess Depository Instruments ("CDIs") at A$0.02 per CDI.

Each new CDI issued in the Placement is equal to existing CDIs and represents a beneficial interest in one common share of the Company. Tranche 2, comprising 5,000,000 CDIs and expected to raise A$100,000, will be subject to shareholder approval at a general meeting in September 2024.

The Placement targeted institutional, sophisticated, and professional investors. No members of Sarama's Board or Management have subscribed to the CDIs. The funds will be used for potential acquisitions, exploration activities, and general working capital.

Finders' fees totaling A$54,000 were paid for the tranche 1 closure. The Placement is still pending final approval from the TSX Venture Exchange ("TSXV").