MONTREAL, QUEBEC -- (Marketwired) -- 08/31/15 -- Sama Resources Inc./Ressources Sama Inc. (TSX VENTURE: SME) ("Sama" or the "Company") wishes to announce that, effective in 2015, its financial year-end will be changed from September 30 to December 31 to align the year-ends of Sama and its operating subsidiaries located in Cote d'Ivoire and Guinea. Management anticipates this will simplify accounting and reduce costs. To facilitate the change, Sama will report a, one-time, fifteen month transition year covering the months of October 2015 to December 2015. Subsequent to the transition year, Sama's first full financial year will cover the period January 1, 2016 to December 31, 2016.
During the transition year, Sama will file condense interim consolidated financial statements for the interim periods ending December 31, March 31, June 30 and September 30, 2015, which will include the statement of financial position as of September 30, 2014 and the financial statements for the corresponding periods ending December 31, March 31, June 30 and September 30, 2014, for comparison purposes. Year-end financial statements will be filed for the fifteen month period ending December 31, 2015 and these will be compared to the financial statements for the year ending September 30, 2014.
During its new financial year, Sama will file condensed interim consolidated financial statements (with comparative three month periods) covering the three months ended March 31, 2016 (March 31, 2015), June 30, 2016 (June 30, 2015), and September 30, 2016 (September 30, 2015). Annual statements will be filed for the new financial year ending December 31, 2016 with comparative statements from the previous fifteen month financial year ending December 31, 2015.
As prescribed in NI 51-102 Continuous Disclosure Obligations section 4.2(b)(i) the filing deadline for the annual financial statements will be on or before the 120th day after the end of the most recently completed financial year. The filing deadline for the interim financial statements will be as prescribed in NI 51-102 section 4.4(b)(i) on or before the 60th day after the end of the interim period.
Sama is a Canadian-based mineral exploration and development company with projects in West Africa. For more information about Sama, please visit Sama's website at http://www.samaresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Sama Resources Inc.
Mr. Bryan McKenzie
(604) 443-3834 or Toll Free: 1 (877) 792-6688
bmckenzie@samaresources.com
www.samaresources.com
