Sarama Provides ASX Compliance Update

VANCOUVER, BC / PERTH, AUSTRALIA / ACCESSWIRE / July 22, 2024 / Sarama Resources Ltd. (ASX:SRR)(TSX-V:SWA) updates on its capital raising announced on June 19, 2024. The placement involves up to 50,000,000 CHESS Depository Interests (CDIs) at A$0.02 per CDI, aiming to raise up to A$1 million before costs.

Tranche 1 consists of 45,000,000 CDIs issued on June 25, 2024, raising A$900,000. Tranche 2 aims to issue up to 5,000,000 CDIs, contingent on shareholder approval, targeting A$100,000.

Recently, Sarama discovered an inadvertent breach of Listing Rule 7.1A due to a lapsed mandate approval. The ASX has precluded Sarama from issuing new securities under Listing Rules 7.1 and 7.1A until February 2, 2025.

Sarama plans to seek shareholder approval for the additional 10% placement capacity at the 2024 annual general meeting. The Company has implemented measures to prevent future breaches of ASX Listing Rules.