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TSXV-listed explorer and developer Sama Resources has closed a private placement which will see the company jointly develop a nickel-copper and cobalt project Côte d’Ivoire, West Africa.

The private placement is with HPX Ivory Coast Holdings (HPX), a subsidiary of High Power Exploration, a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder.

With the strategic investment in Sama Resources, and upon the execution of the earn-in and joint venture agreement, HPX will have the ability to earn-into a joint venture with Sama Resources to acquire a total of up to a 60% interest in Sama Resources’ interest in the Côte d’Ivoire project, including the SODEMI (Société pour le développement minier de la Côte d’Ivoire)-SNC joint venture exploration permits (Samapleu project), by funding exploration expenses through total investments of C$30 000 000.

Under the terms of the strategic investment announced in October 2017, HPX agreed to purchase 25 000 000 units of Sama Resources at a price of C$0.21 per unit, resulting in total proceeds to Sama Resources of C$5 250 000.

Each unit is comprised of one common share and one common share purchase warrant having a term of two years from the closing date at an exercise price of C$0.28 per share. Assuming full exercise of the warrants, the gross proceeds of the private placement will total C$12 250 000.

The securities issued under the private placement are subject to a four-month hold period pursuant to applicable securities laws until 14 August 2018.