(SME.V) June 12, 2019 – Sama Resources Inc. and HPX Ivory Coast Holdings Inc., a subsidiary of High Power Exploration Inc., a private mineral exploration company in which mining entrepreneur Robert Friedland is the chairman and CEO, announced that HPX will begin the exercise of Sama share-purchase warrants to continue to advance the Yepleu nickel-copper-cobalt-palladium project in Cote d’Ivoire, West Africa. Sama is exploring the Yepleu project through a strategic partnership with HPX, utilizing HPX’s proprietary Typhoon electromagnetic geophysical survey technology.
Sama reports that 7,142,857 share-purchase warrants of the company held by HPX have been exercised prior to the scheduled expiry date of April 13, 2020. The HPX warrants were exercised at a price of $0.28 per warrant share for total proceeds of approximately $2 million. The HPX warrants are the first portion of the 25 million share-purchase warrants held by HPX pursuant to a private placement with the company first announced on Oct. 23, 2017. Assuming the full exercise of the remaining 17,857,143 warrants, the total proceeds from the private placement will be $12.25 million.
“We very much value our partnership with HPX,” said Sama Resources president and CEO Dr. Marc Antoine Audet. “The use of HPX’s Typhoon system, and the highly accurate geophysical inversions by HPX subsidiary Computational Geosciences, is dramatically accelerating our targeting of sulphide mineralization at Yepleu. Coupled with HPX’s access to capital and its in-house technical expertise, the partnership with HPX is a tremendous advantage in today’s capital market environment.”
HPX is a privately owned metals-focused exploration company deploying proprietary in-house geophysical technologies to rapidly evaluate buried geophysical targets. The HPX technology cluster comprises geological and geophysical systems for targeting, modelling, survey optimization, acquisition, processing and interpretation.
Sama Resources is a Canadian-based mineral exploration and development company with projects in West Africa.Disclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.