Washington, D.C./ Abidjan, Cote d’Ivoire,
December 20, 2011—IFC, a member of the World Bank Group, today agreed
to invest approximately 1,250,000 Canadian dollars in Sama Resources Inc
to support a nickel and copper exploration project that is expected to
provide future jobs and government revenues to Côte d’Ivoire.
IFC’s investment will be used by Sama to advance the Samapleu project
in eastern Côte d’Ivoire, near the border with Guinea, where the Company
also has an early-stage exploration project. IFC will work with the company
to ensure that exploration and any subsequent mine development is carried
out in an environmentally and socially sustainable manner.
“Sama is pleased to welcome IFC as a shareholder and partner on the Samapleu
project,” said Dr. Marc-Antoine Audet, President and Chief Executive Officer
of Sama. “We look forward to drawing from IFC’s expertise to help ensure
that the progress at Samapleu follows global best practices for the mineral
exploration industry, the environment, and for working with local communities.”
Côte d’Ivoire has significant mineral resources but development of the
mining sector has been hampered by political and military crisis during
the past decade. IFC’s support to the Samapleu project will help promote
good environmental and social standards in the country’s mining sector
and send a positive signal for future foreign direct investment in the
“We are excited to be making IFC’s first mining investment in Côte d’Ivoire
through Sama, a company we believe has the leadership and resources to
make the Samapleu project a success,” said Tom Butler, IFC Global Head
for Mining. “This investment aligns with our strategy to support early-stage
exploration companies with financing and advice.”
IFC offers mining clients in developing countries a broad range of financial
and advisory services throughout the mining life cycle. Through its early
equity investment program, IFC assists exploration-stage companies like
Sama with financing and advice on best practice in environmental and social
IFC, a member of the World Bank Group, is
the largest global development institution focused exclusively on the private
sector. We help developing countries achieve sustainable growth by financing
investment, providing advisory services to businesses and governments,
and mobilizing capital in the international financial markets. In fiscal
2011, amid economic uncertainty across the globe, we helped our clients
create jobs, strengthen environmental performance, and contribute to their
local communities—all while driving our investments to an all-time high
of nearly $19 billion. For more information, visit www.ifc.org.
Legal Disclosure about IFC's Investment
The investment of approximately 1,250,000.01
Canadian dollars in Sama will result in IFC acquiring 3,968,254 units of
the 5,105,539 units being offered by Sama to IFC and two other investors.
Each unit is composed of one common share and one warrant. Each of the
warrants entitles the holder to purchase one common share of Sama at an
exercise price of $0.4725 Canadian dollars per common share for a period
of four years, subject to Sama’s right to accelerate the expiration of
the warrant in accordance with the terms of the warrants.
The issue price per unit is 0.315 Canadian
dollars. It is expected that upon completion of the subscriptions to IFC
and the two other investors, there will be 66,013,174 Sama common shares
outstanding. Immediately upon the closing of these subscriptions, it is
expected that IFC will directly hold approximately 6.01 percent of the
Company’s outstanding share capital and approximately 11.34 percent
of the Company’s outstanding share capital assuming the exercise of all
of IFC’s warrants acquired under this private placement.
The transaction is expected to close in December,
2011. IFC is acquiring the units for investment purposes as described above.
IFC may, in the future, take such actions in respect of its holdings as
IFC deems appropriate in light of the circumstances then existing. To obtain
a copy of the report filed with the Canadian securities regulatory authorities
in respect of which this news release relates, please contact Josef Skoldeberg
at the phone number or e-mail address referred to above. IFC’s headquarters
are located at 2121 Pennsylvania Avenue, N.W., Washington, D.C., 20433,
About Sama Resources
Sama is a growth-oriented resource company
focused on the exploration and development of nickel copper sulphide and
laterite resources in West Africa. Its goal is to become the first
poly metallic producer in the region along side its joint venture partner
SODEMI (Société pour le Développement Minier de Côte d'Ivoire).
The Company's key assets are the Samapleu
project in Côte d'Ivoire and the Lola project in Guinea. Both projects
are currently in the exploration phase. Future production from the
Samapleu project will be managed by a joint venture controlled 66⅔% by
Sama Nickel Corporation, a wholly owned subsidiary of the Company, and
33⅓% by SODEMI. The license encompasses 449 square kilometers and
hosts nickel-copper and nickel-cobalt rich laterite deposits, and the newly
discovered massive chromites occurrences.
The Lola project is 100% owned by Sama and
encompasses 1,212 square kilometers adjacent to the Samapleu project. The
Lola project has strong potential for nickel and copper mineralization
and nickel cobalt rich laterite.
For more information, please visit Sama’s
website at www.samaresources.com.