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