Sama said HPX Ivory Coast Holdings had made a strategic investment of C$5.25 million (US$4.2 million) in a placement at 21c per unit.

If all the warrants are exercised, the gross proceeds will total C$12.25 million (US$9.7 million).

"With the strategic investment in Sama, and upon the execution of the earn-in and joint venture agreement, HPX will have the ability to earn-into a joint venture with Sama to acquire a total of up to a 60% interest in Sama's interest in the Côte d'Ivoire project, including the Samapleu project, by funding exploration expenses through total investments of C$30 million," the company said.

Sama had announced amendments to the planned JV last month, saying HPX could earn its stake by spending C$30 million over six years including funding a bankable feasibility study.

Sama said it discovered the Samaplea nickel-copper-palladium-cobalt mineralisation when it discovered the Yacouba layered complex of mafic and ultramafic rock.

It believes its Côte d'Ivoire project forms part of a "125km-long new base metal camp" in West Africa.

Sama has been funding exploration at the project under a syndicate agreement with the parastatal body SODEMI (La Société pour le Développement Minier de la Côte d'Ivoire), which expects to hold 30% and the government 10% if the project is deemed feasible.

Sama had C$4.15 million (US$3.3 million) in working capital at the end of September.

It also has a 43.93% stake in SRG Graphite which established the Lola graphite maiden resource in Guinea in December.

Shares in the company have ranged between C12-50c over the past year and closed up half-a-cent on Friday to 44c.