Sarama Completes Tranche 2 Equity Placement and ASX Cleansing Notice

Sarama Resources Ltd. has successfully completed the second tranche of its A$1 million equity placement. On September 13, 2024, the company raised A$100,000 by issuing 5,000,000 Chess Depository Instruments (CDIs) at A$0.02 per CDI. The CDIs are beneficial interests in one common share of the company, and shareholder approval was obtained at the annual general meeting on September 11, 2024.

The first tranche of the placement, finalized on June 26, 2024, raised A$900,000 through the issuance of 45,000,000 CDIs. Institutional and professional investors mainly subscribed to Tranche 2, meeting ASX Listing Rules requirements. Sarama's board members and management did not participate in this placement.

Funds from the placement will be used for exploration activities, evaluating complimentary acquisitions, and general working capital. Finders' fees of A$6,000 were paid concerning Tranche 2. Final approval from the TSX Venture Exchange is still pending.