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Sama Resources Inc.
Summary
| Project: | Lola | |
|---|---|---|
| Deposit: | Lola | |
| Location: | Guinea | |
| Commodities: | Graphite | |
| Date: | 10/17/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 17-10-2016: Sama Resources Inc. announces a Supporting Acquisition report for its Lola deposit at the Lola project. Amended report - summary of property in support of acquisition. At the request of Dr. Marc-Antoine Audet, President and CEO of Sama Resourc | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Jean Laforest (Independent) | |
| ABSTRACT: | At the request of Dr. Marc-Antoine Audet, President and CEO of Sama Resources Inc., Jean Laforest, inc, was retained to prepare a Technical Report on the Lola Graphite project in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The Lola Graphite Project is 100% owned by Sama Resources Guinea SARL, a fully owned Sama Resources Inc. subsidiary. On July 09, 2016, Sama entered into a definitive agreement with Section Rouge Media Inc. (TSX.V: SRO) (“Section”) to acquire 100% of the shares of Sama Resources Guinea SARL ("SRG"), a wholly-owned subsidiary of Sama Resources Inc. resulting in a reverse take-over of Section. In connection with the Reverse Take-over, Section will acquire 100% of the shares of SRG in consideration of 20,000,000 common shares of Section. The deemed value per Share is CDN$0.10, for a total purchase price of CDN$2,000,000. If, on the Closing Date, Section has less than $600,000 in net tangible assets (the “Base Amount”) and SRI elects to waive the condition set forth at section 9.2.8, the number of Payment Shares issuable hereunder will be increased according to the following formula: A = 20,000,000 x (1 + (1 - B ÷ 600,000)), where A is equal to the number of Payment Shares issuable to SRI and B is equal to Section’s net tangible assets on the Closing Date. Notwithstanding the foregoing, SRI shall not be issued more than 30,000,000 Payment Shares. | |
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