Sarama Resources Completes Second Phase of Equity Placement

Sarama Resources Ltd. has announced the completion of the second tranche of its A$1.5 million equity placement. This tranche raised A$81,750 through the issuance of 2,335,715 Chess Depository Instruments (CDIs) at a price of A$0.035 each. Directors of Sarama, including Andrew Dinning, Simon Jackson, and Michael Bohm, received these CDIs following shareholder approval.

The first tranche, completed in May, raised A$1,418,250. The funds are earmarked for exploration projects and working capital as Sarama pursues a US$242 million damages claim against Burkina Faso. The placement awaits final approval from the TSX Venture Exchange and is subject to a four-month hold period.

Participation by Sarama’s board members is considered a related party transaction under Canadian regulations, with exemptions applied due to the fair market value constraints. The placement was not registered under the U.S. Securities Act, restricting its offer within the United States.