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Highlights
Well supported Placement to raise A$2.7 million, reflecting strong support from new and existing institutional, professional, and sophisticated investors.
Funds will be primarily used to launch major further exploration initiatives including a drilling program in Q3 CY25 at the recently acquired Cosmo Gold Project in the prolific Laverton Gold District of Western Australia.
The drilling will test high-priority targets within the 45km of combined gold-in-soil trends, representing the first coordinated large-scale modern exploration on this belt-scale project.
Sarama's fully funded arbitration claim remains on track, meeting key milestones in pursuit of damages stated at no less than US$120 million from the Government of Burkina Faso.
The acquisition of Mt Venn is progressing, with one final condition precedent remaining. Upon completion, Sarama will have tenements covering c.1,000km2 in the Eastern Goldfields with underexplored tenements and trucking distance to nearby mills.
The Powerhouse Group of Companies (ASX: PVL) supported the raising with Powerhouse Advisory Australia Pty Ltd acting as lead manager and its funds management division cornerstoning the Placement.