ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

MMR Battle Mountain Gold, Inc.

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Battle Mountain Gold, Inc. TSXV:MMR TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Sama Resources Closes Private Placement of CAN$4,402,394.40

23/05/2012 6:01pm

Marketwired Canada


THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES.


Sama Resources Inc. ("Sama") (TSX VENTURE:SME) is pleased to announce the
closing of the private placement with MMR Exploration Limited ("MMR"), a
subsidiary of Minmetals Resources Limited (HKSE 1208), of 7,337,324 common
shares of Sama (the "Shares"), as previously disclosed in Sama's May 17, 2012
news release. The Shares were issued at a price of CAN$0.60 per Share, for total
gross proceeds of CAN$4,402,394.40 (the "Private Placement"). All Shares issued
under the Private Placement are subject to a four-month hold period expiring on
September 24, 2012.


No finders' fees or commissions were payable. Net proceeds from the Private
Placement will be used for exploration purposes and general working capital
requirements. MMR now holds 11,404,009 Sama common shares, representing
approximately 15.5% of the issued and outstanding Sama common shares (19.9% on a
diluted basis including the 4,066,685 warrants to purchase Sama common shares
previously acquired by MMR).


In connection with MMR's initial acquisition of an interest in Sama, Sama
granted MMR a pre-emptive right pursuant to which, for so long as MMR holds any
equity interest in Sama on a fully-diluted basis, it will have the right to
participate in any future equity private placement or public offering of Sama
(an "Offering") to allow it to maintain the same percentage interest in Sama
after completion of the Offering (assuming the conversion or exchange of any
convertible securities issued under the Offering) as existed immediately prior
to completion of the Offering. Pursuant to the Private Placement, the
pre-emptive right has been amended to provide that once MMR's diluted interest
in Sama equals at least 19.9%, it will have the right to participate in future
Offerings to maintain at least a 19.9% diluted interest so long as MMR's diluted
interest at the time of the Offering is at least 15% (or, in certain cases where
MMR's interest has been diluted in circumstances where its pre-emptive right did
not apply, a lesser percentage interest).


Sama has also agreed that, for so long as MMR holds at least a 15% non-diluted
interest in Sama (or, in certain cases where MMR's interest has been diluted in
circumstances where its pre-emptive right did not apply, a lesser percentage on
a non-diluted basis), (i) MMR will have the right to nominate one director for
election to Sama's board of directors, and (ii) Sama will not take any steps to
put in place any shareholder rights plan without MMR's consent.


For further information, please visit Sama's website at
http://www.samaresources.com.


1 Year Battle Mountain Gold, Inc. Chart

1 Year Battle Mountain Gold, Inc. Chart

1 Month Battle Mountain Gold, Inc. Chart

1 Month Battle Mountain Gold, Inc. Chart