Sama Resources has raised Can$2.19 million in a private placement to MMR Exploration, a subsidiary of Minmetals Resources. The funds will be used for exploration and development of Sama’s Samapleu nickel/copper project in Cote d’Ivoire, West Africa.
TSX-listed Sama has also granted MMR a pre-emptive right pursuant to which, for so long as MMR holds any equity interest in the company on a fully-diluted basis, it will have the right to participate in any future equity private placement or public offering of the company to allow it to maintain the same percentage interest.
Minmetals Resources is an international upstream base metals company. It is one of the world's largest producers of zinc as well as a substantial producer of copper, lead, gold and silver.
Minmetals currently has mining operations located in Australia and Asia and a large portfolio of exploration and development projects in Australia, Asia and North America. Its operations include the Century mine in Queensland, Sepon copper and gold operations in Laos, Golden Grove underground base and precious metals mine in Western Australia and the polymetallic Rosebery mine in Tasmania.