Sarama Completes Tranche 3 Placement & Cleansing Notice

Sarama Resources Ltd. (“Sarama” or the “Company”) (TSX-V:SWA, ASX:SRR) advises that on 21 October 2025, it completed the third tranche of the previously announced A$2.7m equity placement (the “Placement”) (refer to Sarama’s news releases dated 30 June 2025 and 10 July 2025).

---

The third tranche of the Placement (“Tranche 3”) raised total proceeds of A$100,000 through the issuance of 3,333,333 CHESS Depositary Interests (“CDIs”) at an issue price of A$0.03 per CDI. In addition, 1,111,111 free attaching unlisted options (“Placement Options”) were issued, each exercisable at A$0.09 and expiring on 30 November 2028. The CDIs and Placement Options under Tranche 3 were issued to director Mr. Andrew Dinning, subject to shareholder approval in accordance with ASX Listing Rules. This approval was obtained at the special meeting held on 2 October 2025 in Vancouver (3 October 2025 Perth time).

The first tranche of the Placement, completed on 9 July 2025, raised aggregate gross proceeds of A$2,600,000 with the Company issuing 86,666,667 CDIs at an issue price of A$0.03 per CDI.

The second tranche of the Placement, completed on 7 October 2025, consisted of 28,888,889 free attaching unlisted options to subscribers of the Placement and 19,166,666 broker options, with each option exercisable at A$0.09 and expiring on 30 November 2028.

The Placement was issued to existing shareholders and new institutional and other sophisticated and professional investors.

Funds raised will be principally used to fund exploration activities, including infill soil geochemistry and the Company’s maiden drilling campaign at its belt-scale Cosmo Gold Project in the Eastern Goldfields of Western Australia. Proceeds will also fund general working capital requirements as the Company continues to progress its arbitration claim against the Government of Burkina Faso (the “Claim”). None of the proceeds from the Placement will be used for payments to non-arm’s length parties or persons conducting investor relations activities.

Members of Sarama’s board and management subscribed for an aggregate 4,999,999 CDls in the Placement (inclusive of the CDIs issued to Mr. Dinning in Tranche 3).

The Placement remains subject to the final approval of the TSX Venture Exchange (“TSXV”). The CDIs issued to Sarama’s management and to Mr Dinning under Tranche 1 and Tranche 3 of the Placement are subject to the TSXV’s four month hold period. All other subscribers under Tranche 1 of the Placement were not subject to any hold periods as they were located outside of Canada.

Each director or officer that participates in the Placement is a “related party” of the Company within the meaning of that term in Canadian Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions (“MI 61-101”). Participation by them in the Placement is therefore a “related party transaction” within the meaning of MI 61-101. Pursuant to Section 5.5(a) and 5.7(1)(a) of MI 61-101, the Company was exempt from obtaining a formal valuation and minority approval of the Company’s shareholders in respect of the Placement due to the fair market value of their participation being below 25% of the Company’s market capitalization for the purposes of MI 61-101. The Company will file a material change report in respect of the Placement which will detail the participation by any such directors or officer of the Company. A material change report will be filed less than 21 days prior to the completion of the Placement in respect of any participating directors and officers, which is consistent with market practice and the Company deems reasonable in the circumstances. Each of the directors and officers who participate in the Placement

Click here for the full ASX Release

This article includes content from Sarama Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.