Home / Media Release / MMR Exploration Limited Announces Acquisition of Shares in Sama Resources Inc.

MMR Exploration Limited Announces Acquisition of Shares in Sama Resources Inc.


MMR Exploration Limited (“MMR Exploration”), a wholly-owned subsidiary of Minmetals Resources Limited, announces that, on July 15, 2011, it acquired 3,650,000 units of Sama Resources Inc. (“Sama”) for Cdn$0.60 in cash per unit, or Cdn$2,190,000 in the aggregate.  Each unit consisted of one common share of Sama and one warrant to purchase a common share of Sama.  Sama is listed on the TSX Venture Exchange (the “TSXV”) and MMR Exploration acquired the units on a private placement basis approved by the TSXV. 

The common shares and warrants of Sama were acquired by MMR Exploration for investment purposes.  MMR Exploration may from time to time, depending on market and other conditions, increase or decrease such holdings of common shares or other securities of Sama.

Following the completion of this acquisition, MMR Exploration held approximately 6.02% of the outstanding common shares of Sama (11.36% on a diluted basis).

In connection with this acquisition, Sama granted MMR Exploration a pre-emptive right pursuant to which, for so long as MMR Exploration holds any equity interest in Sama on a fully-diluted basis, it will have the right to participate in any future equity private placement or public offering of Sama (an “Offering”) to allow it to maintain the same percentage interest in Sama after completion of the Offering (assuming the conversion or exchange of any convertible securities issued under the Offering) as existed immediately prior to completion of the Offering.


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