Sarama Resources Completes A$2M Equity Placement

Sarama Resources Ltd. has successfully closed Tranche 1 of its A$2 million equity placement. This placement involved the issuance of 66,666,666 Chess Depository Instruments (CDIs) at A$0.03 per CDI, representing one common share each. The company plans a second tranche consisting of 16,666,666 unlisted options and 14,000,000 broker options, pending shareholder approval expected early 2025. Tranche 1 proceeds will be allocated to exploration and administrative expenses.

Institutional and sophisticated investors participated in the placement, following shareholder approval at the company's September meeting. Notably, the funds raised will not cover expenditure related to an ongoing investment dispute with Burkina Faso, which is separately financed. The placement awaits final TSX Venture Exchange approval, with no restrictions placed on CDIs since all subscribers are non-Canadian.