VANCOUVER, Jan. 30, 2014 /PRNewswire/ - 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