HPX Exercises CAD$5,000,000 in Warrants Continuing its Strategic Investment in Sama

MONTREAL, Dec. 19, 2019 (GLOBE NEWSWIRE) -- Sama Resources Inc. (“Sama”) (TSX-V: SME | OTC-PK: SAMMF) and HPX Ivory Coast Holdings Inc. (“HPX Ivory Coast”), a subsidiary of High Power Exploration Inc. (“HPX”), a private mineral exploration company in which mining entrepreneur Robert Friedland is the Chairman and CEO, announce that HPX has exercised the remaining Sama share purchase warrants to continue to advance the Yepleu Nickel-Copper-Cobalt-Palladium Project in Côte d’Ivoire, West Africa. Sama is exploring the Yepleu, Samapleu, Bounta and Grata Projects through a strategic partnership with HPX, utilizing HPX’s proprietary Typhoon electromagnetic geophysical survey technology.

HPX exercises Sama share purchase warrants

Sama reports that 17,857,143 share purchase warrants of the Company held by HPX (“HPX Warrants”) have been exercised prior to the scheduled expiry date of April 13, 2020. The HPX Warrants were exercised at a price of $0.28 per warrant share for total proceeds of approximately CAD$5M. The HPX Warrants are the second and final portion of the 25,000,000 share purchase warrants held by HPX pursuant to a private placement with the Company first announced on October 23, 2017. The total proceeds from the private placement which includes the exercise of all warrants is CAD$12,250,000 representing 27% of the equity of Sama.

“Our partnership with HPX has been exemplary from the outset. The use of HPX’s Typhoon system returned high quality targets at the Samapleu and the Yepleu prospects as well as in new sectors like Bounta. Together with HPX, we have defined an aggressive work program for 2020 which includes completing Typhoon on all remaining prospective grounds coupled with an aggressive drilling program. I invite readers to refer to our corporate presentation on Typhoon results and drill targets on Sama’s website at http://samaresources.com/i/pdf/Sama_Corporate_Presentation.pdf,” stated Dr. Marc Antoine Audet, President & CEO of Sama Resources Inc.

About HPX

HPX is a privately-owned, metals-focused exploration company deploying proprietary in-house geophysical technologies to rapidly evaluate buried geophysical targets. The HPX technology cluster comprises geological and geophysical systems for targeting, modelling, survey optimization, acquisition, processing and interpretation. HPX has a highly experienced board and management team led by Chief Executive Officer Robert Friedland and President Eric Finlayson, a former head of exploration at Rio Tinto. For further information, please visit www.hpxploration.com.