Dec 22 2015
Sarama Resources Ltd. wishes to announce that Aureus Mining Inc. has agreed to an amendment to terms of the previously announced acquisition of three Liberian exploration properties held by the Company.
Aureus originally agreed to acquire the exploration properties for a total consideration of 2,600,000 Aureus common shares. To reflect the increased share capital and current share price of the company, Aureus has now agreed to increase the consideration of common shares by 4,045,070 to a total consideration of 6,645,070 Aureus common shares.
All other terms remain unchanged including the agreed purchase by Sarama of an uncapped 1% net smelter return royalty on gold produced from the Cape Mount property, from the previous owner.
Closing of the transaction with Aureus is subject to the satisfaction of usual conditions precedent, including receipt of all governmental and regulatory approvals including the approval of the Toronto Stock Exchange and TSX Venture Exchange. The shares issued to Sarama will be subject to the statutory four month hold period from the date of issue.
Sarama's President and CEO, Andrew Dinning, commented:
"The divestment of our Liberian assets allows us to focus our resources on Burkina Faso and leverage our well established position there. This deal provides potential upside value to the Company and with permits being adjacent the New Liberty mine, has scope to provide a royalty stream earlier than if we had continued to progress the assets within Sarama.
We look forward to advancing our Burkina Faso interests where we have several separate project areas, including an inferred mineral resource of 1.5Moz of gold on our South Houndé Project and where Acacia is funding on-going exploration and earning into the Project as part of a US$15 million deal agreed in late 2014."