WASHINGTON, D.C., May 9, 2013 /CNW/ - IFC, a member of the World Bank
Group, today agreed to increase its investment in Sama Resources Inc.
IFC's investment of approximately 1,300,000 Canadian dollars in Sama
will result in IFC acquiring 6,500,000 units of the 12,825,000 units
being offered by Sama to IFC and other investors. Each unit is composed
of one common share and one half of one warrant. Each whole warrant
entitles the holder to purchase one common share of Sama at an exercise
price of 0.30 Canadian dollars per common share for a period of one
year following the closing of the offering. The issue price per unit is
0.20 Canadian dollars.
It is expected that upon completion of the subscriptions to IFC and the
other investors there will be 86,550,498 Sama common shares outstanding of which IFC will acquire approximately
7.5% of the outstanding Sama common shares (or approximately 10.9% of
the outstanding Sama common shares assuming IFC exercises all of the
warrants it will acquire under this offering). In December, 2011 IFC
acquired 3,968,254 common shares and 3,968,254 warrants of Sama and
will, upon completion of the subscription, have ownership and control
over 10,468,254 Sama common shares and 7,218,254 warrants of Sama.
Therefore, immediately upon the closing of these subscriptions, it is
expected that IFC will directly hold approximately 12.1% of Sama's
outstanding share capital and approximately 18.9% of the Sama's outstanding share capital assuming the exercise of all of
IFC is acquiring its units for investment purposes by way of private
placement pursuant to the terms of an equity and warrant subscription
agreement containing customary terms and conditions as well as certain
rights including, without limitation, information, policy and
pre-emptive rights. The equity and warrant subscription agreement will
be filed with the Canadian securities regulators and will be available
on www.sedar.com under Sama's profile. IFC may, in the future, take such actions in
respect of its holdings as IFC deems appropriate in light of the
circumstances then existing.
The transaction is expected to close in May, 2013.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help
developing countries achieve sustainable growth by financing
investment, mobilizing capital in international financial markets, and
providing advisory services to businesses and governments. In FY12, our
investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark
innovation, and tackle the world's most pressing development
challenges. For more information, visit www.ifc.org.
International Finance Corporation's headquarters are located at 2121
Pennsylvania Avenue, N.W., Washington, D.C., 20433, U.S.A.
IFC is an international organization established by Articles of
Agreement among its member countries, including Canada, and as such,
enjoys certain immunities, privileges and exemptions, including the
freedom of all of its property and assets from restrictions,
regulations, controls and moratoria of any nature. The voluntary
provision by IFC of this news release does not in any way constitute or
imply a waiver, termination or modification by IFC of any privilege,
immunity or exemption of IFC granted in the Articles of Agreement
establishing IFC, international conventions, or applicable law.
SOURCE: International Finance Corporation
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