VANCOUVER, Jan. 30, 2014 /CNW/ - The Board of Directors of
Sarama Resources Ltd. ("Sarama" or the "Company") has granted
1,415,000 options to 11 employees, directors and officers of the
Company. The option grant is the result of the Company's
annual compensation review and the issuance is made in accordance
with the stock option plan of the Company. This plan was
approved by shareholders on June 19,
2013 and allows the Company to issue a number of options up
to 10% of its rolling issued and outstanding common shares.
The options will vest over a 6 month period, have an exercise price
of $0.28 and are exercisable for a
period of 3 years from the date of the grant thereof. The
closing price for the Company shares listed on the TSX-V as of
January 29, 2013 was $0.275 and the 5-day volume weighted average
price ("VWAP") was $0.114. The
exercise price is a 146% premium to the 5-day VWAP and a 14%
premium to the closing bid price. Following the grant outlined
herein, the Company will have options outstanding equal to 9.8% of
its issued and outstanding common shares.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
ABOUT SARAMA RESOURCES LTD
Sarama Resources Ltd (TSX-V: SWA) is a West
African focused gold explorer with substantial landholdings in
Burkina Faso, Liberia and Mali.
Sarama's flagship properties are situated within
the Company's South Houndé Project area in south-west Burkina Faso. Located within the prolific
Houndé greenstone belt, Sarama's exploration programs have built on
significant early success to deliver a maiden Inferred Mineral
Resource estimate of 1.5 Moz gold1. Outside of
Burkina Faso, Sarama is focused on
consolidating a number of under-explored landholdings in other
emerging and established mining jurisdictions.
Incorporated in 2010, the Company's Board and
management team have a proven track record in Africa and a strong history in the discovery
and development of large-scale gold deposits. Sarama is well
positioned to build on its current success with a strong financial
position and a sound exploration strategy across its property
portfolio.
- 29.13 Mt @ 1.6 g/t Au (at a 0.8 g/t Au cut-off)
SOURCE Sarama Resources Limited
