Sarama Resources Ltd. equity placement details

Sarama Resources Ltd. (ASX:$SRR) closed tranche 1 of its A$520,000 equity placement, raising A$470,000 by issuing 6,000,000 common shares and 17,500,000 Chess Depository Instruments ('CDIs') at an issue price of A$0.02 per Security. Tranche 2, expected to raise A$50,000, will be subject to shareholder approval at a general meeting in February 2024.

Executive commentary on the equity placement

The funds raised from the equity placement will be utilized to sustain Sarama's operations, maximize value from its existing asset base in Burkina Faso, explore potential opportunities outside Burkina Faso, and cover administration and general working capital costs. None of the proceeds will be allocated to payments for non-arm's length parties or persons conducting investor relations activities.

Summary of Sarama Resources Ltd.'s equity placement and outlook

Sarama Resources Ltd. (ASX:SRR) successfully completed tranche 1 of its A$520,000 equity placement, raising A$470,000. The company plans to use the funds to support its operations in Burkina Faso, explore opportunities outside the region, and cover general working capital costs. Tranche 2, expected to raise A$50,000, is subject to shareholder approval at a general meeting in February 2024. Sarama's focus on maximizing value from its existing asset base reflects its commitment to strategic growth and development.