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| Home : Section Rouge Media Inc. Completes Private Placement in Connection With Reverse Take-Over by Sama Resources |
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Nov 05
2016 |
Section Rouge Media Inc. Completes Private Placement in Connection With Reverse Take-Over by Sama Resources |
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MONTREAL, QUEBEC--(Marketwired - Nov. 4, 2016) - In connection with the proposed reverse take-over (the "Transaction") of Section Rouge Media Inc. (TSX VENTURE:SRO) ("Section") by Sama Resources Inc./Ressources Sama Inc. (TSX VENTURE:SME) ("Sama"), Section is pleased to announce the closing of a non-brokered private placement of 17,550,000 subscription receipts (the "Subscription Receipts") at a price of $0.10 per Subscription Receipt for gross proceeds of $1,755,000 (the "Offering"). Each Subscription Receipt will automatically convert upon completion of the Transaction into one common share (a "Share") of the new Section (the "Resulting Issuer"). The Subscription Receipts and any Shares issued upon their conversion are subject to a hold period of four months and one day. In connection with this private placement, Section has agreed to pay to certain intermediaries an aggregate cash commission of $19,800, and to issue them a total of 198,000 broker's warrants. Each such broker's warrant entitles its holder to subscribe for one Share at a price of $0.15 for a period of 12 months. Upon completion of the Transaction, the Resulting Issuer will use the net proceeds of the Offering to carry out exploration work on the Lola graphite project and for working capital purposes. |
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| Source:http://www.marketwired.com/mw/release.do?id=2172850&sourceType=3 |
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