Sarama Resources Completes Equity Placement

Sarama Resources Ltd., a company based in Perth, Australia and Vancouver, Canada, announced the completion of its previously stated equity placement totaling A$520,000 on April 17, 2024. This second and final tranche of the placement raised A$50,000 through the issuance of 2,500,000 Chess Depository Instruments (CDIs) to director Mr. Andrew Dinning at A$0.02 per CDI.

The funds raised will support the company's continuous efforts to enhance value from its projects in Burkina Faso, as well as to explore opportunities outside the region. Additionally, they will finance routine administrative expenses and working capital needs. Notably, the proceeds will not cover payments to related parties or investor relations activities.

The completion of this placement follows shareholder approval during a special meeting on April 11, 2024, and adheres to regulations set by both the Australian Securities Exchange and Canadian securities law. Furthermore, all shares issued will be subject to a four-month hold period, limiting their sale or transfer.