Sarama Completes Issue of Shares for Debt and ASX Cleansing Notice

Sarama Resources Ltd. (ASX:SRR, TSX-V:SWA) has finalized the issuance of shares to settle deferred executive salaries and director fees, as announced on July 16, 2024. This arrangement involved the issuance of 22,348,980 Chess Depository Instruments (CDIs) at A$0.02 per CDI, equivalent to A$446,979.60. This issuance was approved during the annual general meeting on September 11, 2024.

The CDIs, each representing a beneficial interest in one common share of Sarama, were issued following necessary approvals. This move aims to reduce the company's liabilities. The CDIs are subject to a four-month hold period under TSXV regulations.

The securities issued are not registered under the U.S. Securities Act of 1933 and cannot be offered or sold in the United States without proper registration or exemption. Sarama relies on an exemption in section 708A of the Corporations Act 2001 for the CDIs issued.