Sama and HPX TechCo Announce Strategic Partnership to Develop Nickel-Copper and Cobalt Project

Sama Resources Inc. (TSXV:SME) announced that it has entered into a binding term sheet in view of forming a strategic partnership to develop a nickel-copper and cobalt project in Cote d’Ivoire with HPX TechCo Inc., a private company.
Mining entrepreneur Robert Friedland is a significant shareholder in HPX.
As quoted in the press release:

As part of the Term Sheet, HPX would make a strategic investment in Sama of up to C$12,250,000. HPX would also have the ability to earn-into a joint venture with Sama to acquire a total of up to a 60% interest in Sama’s interest in the Côte d’Ivoire project, including the Samapleu Project, by funding exploration expenses and completing the feasibility study through total investments of C$30,000,000.

Under the terms of the Term Sheet, HPX would purchase 25,000,000 Units (“Units”) of Sama at a price of C$0.21 per Unit, resulting in total proceeds to Sama of C$5,250,000 (the “Private Placement”). The Units include 25,000,000 fully vested two-year (2-year) common share purchase warrants (“Warrants”) with an exercise price of C$0.28 per share. Fully exercised, the Private Placement and Warrants proceeds will total an investment of C$12,250,000 in Sama.

Following completion of the Private Placement, HPX would own approximately 11.4% of Sama’s issued and outstanding common shares and 20.5% assuming the Warrants are fully exercised, both on a fully diluted basis. On a non-diluted basis HPX would own approximately 15.4% of Sama’s issued and outstanding shares and 26.7% assuming only the exercise of its Warrants.

Benoit La Salle, executive chairman of Sama, commented:

We are very excited about the opportunity this partnership provides Sama in the form of a strong strategic shareholder. We are pleased to be partnering with HPX, who bring to the table an experienced exploration team and a proven track record of developing a number of world-class mineral deposits.

Click here to read the full Sama Resources Inc. (TSXV:SME) press release.