Sarama Resources Ltd. announced a private placement of 50,000,000 Chess Depository Instruments at a price of AUD 0.02 per CDI for gross proceeds of AUD 1,000,000 on June 18, 2024. The transaction included participation from existing shareholders and professional and sophisticated investors. The placement is comprised of two tranches - Tranche 1 consists of 45,000,000 CDIs.

The company expects to complete allotment of the CDIs under Tranche 1 by June 21, 2024. Tranche 2 consists of a further 5,000,000 CDIs which will be subject to shareholder approval at the Annual General Meeting on or around September 5, 2024. The placement remains subject to the approval of the TSX Venture Exchange.