Washington, D.C./ Abidjan, Cote d’Ivoire, December 20, 2011—
IFC, a member of the World Bank Group, today agreed to invest approximately 1,250,000 Canadian dollars in Sama Resources Inc to support a nickel and copper exploration project that is expected to provide future jobs and government revenues to Côte d’Ivoire.
IFC’s investment will be used by Sama to advance the Samapleu project in eastern Côte d’Ivoire, near the border with Guinea, where the Company also has an early-stage exploration project. IFC will work with the company to ensure that exploration and any subsequent mine development is carried out in an environmentally and socially sustainable manner.
“Sama is pleased to welcome IFC as a shareholder and partner on the Samapleu project,” said Dr. Marc-Antoine Audet, President and Chief Executive Officer of Sama. “We look forward to drawing from IFC’s expertise to help ensure that the progress at Samapleu follows global best practices for the mineral exploration industry, the environment, and for working with local communities.”
Côte d’Ivoire has significant mineral resources but development of the mining sector has been hampered by political and military crisis during the past decade. IFC’s support to the Samapleu project will help promote good environmental and social standards in the country’s mining sector and send a positive signal for future foreign direct investment in the country.
“We are excited to be making IFC’s first mining investment in Côte d’Ivoire through Sama, a company we believe has the leadership and resources to make the Samapleu project a success,” said Tom Butler, IFC Global Head for Mining. “This investment aligns with our strategy to support early-stage exploration companies with financing and advice.”
IFC offers mining clients in developing countries a broad range of financial and advisory services throughout the mining life cycle. Through its early equity investment program, IFC assists exploration-stage companies like Sama with financing and advice on best practice in environmental and social management.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
.
Legal Disclosure about IFC's Investment
The investment of approximately 1,250,000.01 Canadian dollars in Sama will result in IFC acquiring 3,968,254 units of the 5,105,539 units being offered by Sama to IFC and two other investors. Each unit is composed of one common share and one warrant. Each of the warrants entitles the holder to purchase one common share of Sama at an exercise price of $0.4725 Canadian dollars per common share for a period of four years, subject to Sama’s right to accelerate the expiration of the warrant in accordance with the terms of the warrants.
The issue price per unit is 0.315 Canadian dollars. It is expected that upon completion of the subscriptions to IFC and the two other investors, there will be 66,013,174 Sama common shares outstanding. Immediately upon the closing of these subscriptions, it is expected that IFC will directly hold approximately 6.01 percent of the Company’s outstanding share capital and approximately 11.34 percent of the Company’s outstanding share capital assuming the exercise of all of IFC’s warrants acquired under this private placement.
The transaction is expected to close in December, 2011. IFC is acquiring the units for investment purposes as described above. IFC may, in the future, take such actions in respect of its holdings as IFC deems appropriate in light of the circumstances then existing. To obtain a copy of the report filed with the Canadian securities regulatory authorities in respect of which this news release relates, please contact Josef Skoldeberg at the phone number or e-mail address referred to above. IFC’s headquarters are located at 2121 Pennsylvania Avenue, N.W., Washington, D.C., 20433, U.S.A.
About Sama Resources
Sama is a growth-oriented resource company focused on the exploration and development of nickel copper sulphide and laterite resources in West Africa. Its goal is to become the first poly metallic producer in the region along side its joint venture partner SODEMI (Société pour le Développement Minier de Côte d'Ivoire).
The Company's key assets are the Samapleu project in Côte d'Ivoire and the Lola project in Guinea. Both projects are currently in the exploration phase. Future production from the Samapleu project will be managed by a joint venture controlled 66⅔% by Sama Nickel Corporation, a wholly owned subsidiary of the Company, and 33⅓% by SODEMI. The license encompasses 449 square kilometers and hosts nickel-copper and nickel-cobalt rich laterite deposits, and the newly discovered massive chromites occurrences.
The Lola project is 100% owned by Sama and encompasses 1,212 square kilometers adjacent to the Samapleu project. The Lola project has strong potential for nickel and copper mineralization and nickel cobalt rich laterite.
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