In the same category
Sanatana Announces Private Placement and Election to Include Additional Mining Claims in the Watershed Property
Published : July 25, 2013
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Gold | Market |

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 25, 2013) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX VENTURE:STA) will proceed with a private placement of up to 12,500,000 Units (the "Units") at the price of $0.08 per Unit for gross proceeds of up to $1,000,000 (the "Offering"). Each Unit will consist of one common share in the capital of the Company (a "Share") and one share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Share at a price of $0.12 per Share for a period of two years from the closing of the Offering.

The Company may pay a finder's fee on the Offering within the maximum amount permitted by the policies of the TSX Venture Exchange (the "TSX-V"). Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX-V. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The net proceeds from the Units will be used for general corporate purposes and to fund the costs associated with the hearing before the Ontario Mining and Lands Commissioner in connection with Trelawney Mining and Exploration Inc.'s ("Trelawney") application for easements over the Watershed Property (see the Company's news releases of April 29, 2013 and July 4, 2013).

Peter Miles, Chief Executive Officer of Sanatana stated: "The uncertainty surrounding Trelawney's application for easements over the Watershed Property has created a difficult environment for Sanatana to raise funds. Specifically, the modest sized offering is the lowest price that Sanatana has offered its securities in a private placement. Sanatana believes that Trelawney's application does not meet the requirements for the granting of an easement under the Mining Act (Ontario) and Sanatana is opposing the application vigorously."1 With respect to the election to include additional mining claims in the Watershed Property (as described below), Mr. Miles further stated: "We are extremely pleased to have made an election to acquire the additional land package."

Area of Interest

Pursuant to the terms of the Option and Joint Venture Agreement (the "Option and JV Agreement") between Sanatana and Trelawney Augen Acquisitions Corp. ("TAAC"), the Watershed Property is protected by an area of interest extending at least one kilometre from any portion of the Watershed Property (the "AOI") as it existed as of the date of the Option and JV Agreement. If either party to the Option and JV Agreement (or its affiliate as defined in the Option and JV Agreement) stakes or acquires any interest in mineral claims or any other form of mineral tenure located wholly or partly in the AOI (the "AOI Tenure"), then such acquiring party must immediately notify the other party of such staking or acquisition and provide the other party with (i) details of the acquisition/staking costs associated therewith and (ii) all details in its possession with respect to the nature of the AOI Tenure and the known mineralization thereon. As noted above, the AOI is at least one kilometre but the exact size is confidential pursuant to the terms of the Option and JV Agreement.

Election to Exercise Area of Interest

Trelawney Mining and Exploration Inc. ("Trelawney"), an affiliate of TAAC, acquired a 20% undivided legal and beneficial interest in and to unpatented mining claims 4240522, 4241016 and 4220425 (the "Mining Claims") situated in the Yeo and Chester townships, which are situated within the AOI. Concurrently, TAAC took an assignment of Crown Gold Corporation's ("Crown Gold") rights under an Amendment and Assignment of Mining Claim Acquisition Agreement (the "Acquisition Agreement"). The 20% undivided legal and beneficial interest in the Mining Claims is identified as a "carried interest" under the Acquisition Agreement and is defined to mean that until completion of a positive pre-feasibility study, all costs and expenses of the exploration programs, preparation and filing of assessment reports and other obligations relating to the Mining Claims are the sole and exclusive obligation and liability of Trelawney and Sanatana will not have any obligation or liability in respect thereof.

Having reviewed the geological information associated with the Mining Claims along with the Acquisition Agreement, Sanatana has elected to (i) have the interest in the Mining Claims be included and form part of the Watershed Property for the benefit of Sanatana and TAAC and (ii) acquire the rights under the Acquisition Agreement.

Acquisition Costs

The acquisition costs for the interest in the Mining Claims and the assignment of the Acquisition Agreement totalled $143,317 and the Company has reimbursed TAAC for such costs as required by the Option and JV Agreement.

About the Company

Sanatana Resources Inc. is a Canadian mineral exploration and development company focused on its Watershed property in Ontario. Sanatana entered into an option and joint venture agreement with Trelawney Augen Acquisition Corp. (formerly Augen Gold Corp.) ("TAAC") which grants Sanatana an option to acquire up to 51% of the Watershed Property consisting of 46 mining claims totalling approximately 19,006 acres and located within the townships of Yeo, Chester, Neveille and Benneweis. As at November 28, 2012, Sanatana exercised its first option and is the legal and beneficial owner of 50% of the Watershed Property. Sanatana has until March 23, 2016, to decide whether to exercise its right to acquire a further 1% in the Watershed Property.

On June 21, 2012 IAMGOLD Corporation completed its acquisition of Trelawney Mining and Exploration Inc. and became the sole indirect shareholders of TAAC. With an experienced management team and board of directors, the Company has the ability required to identify, develop and fund economic mineral properties. Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (News - Market indicators).

SANATANA RESOURCES INC.

Peter Miles, President and Chief Executive Officer

Cautionary Statement Regarding "Forward-Looking" Information

Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Sanatana's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1 Trelawney Augen Acquisition Corp. (a wholly-owned subsidiary of Trelawney) disagrees with Sanatana's assessment of Trelawney's easement application.



Sanatana Resources Inc.
Peter Miles
President and Chief Executive Officer
604-408-6680
investor@sanatanaresources.com
www.sanatanaresources.com

Sanatana Diamonds Inc

EXPLORATION STAGE
CODE : STA.V
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Sanatana is a diamonds development stage company based in Canada.

Its main exploration property is MACKENZIE CRATON in Canada.

Sanatana is listed in Canada and in United Kingdom. Its market capitalisation is CA$ 9.5 millions as of today (US$ 7.0 millions, € 6.3 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 2.98, and its lowest recent point on May 08, 2020 at CA$ 0.01.

Sanatana has 135 480 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Sanatana Diamonds Inc
12/20/2013Closes Private Placement
12/7/2013Announces Private Placement
10/17/2013Announces Closing of Private Placement
9/25/2013Announces Private Placement
8/15/2013Announces Closing of Private Placement
7/25/2013Announces Private Placement and Election to Include Addition...
11/10/2012Closes Private Placement for Gross Proceeds of $1,984,455
11/6/2012Announces Increase in FT Units for Private Placement of FT U...
10/25/2012Announces Private Placement of FT Units
6/29/2012Announces $1,500,000 Private Placement and Option Grant
2/5/2008Announces Closing of Private Placement
1/22/2008 Announces Pricing for Private Placement
Option Grants of Sanatana Diamonds Inc
6/27/2012Announces Stock Option Grant and Cancellation
2/18/2011Announces Proposed Name Change and Grants Stock Options
6/21/2008Grants Stock Options
4/29/2008Grants Stock Options
Project news of Sanatana Diamonds Inc
2/14/2014Acquires Property Near Green Lake, Saskatchewan
11/5/2013Sanatana Commences Binding Arbitration Proceedings Against T...
8/12/2013Reports Drill Results and Announces Staking of Additional Mi...
5/15/2013Provides Exploration Update on the Watershed Property
4/29/2013Sanatana Responds to Trelawney Easement Application on Water...
1/10/2013Provides Exploration Update on Its Watershed Property
9/12/2012Completes Required Exploration Expenditures on Watershed Pro...
6/19/2012Provides Exploration Update on the Watershed Property
4/20/2012Reports on Watershed Property Exploration Program-Highlights...
3/13/2012Completes First Year Option Payment on Watershed Property
3/1/2012Reports on Watershed Property Exploration Program-Highlights...
2/9/2012Reports on Watershed Property Exploration Program-Highlights...
6/1/2011Begins Summer Exploration Program
2/16/2011Announces Option and Joint Venture Agreement With Augen Gold
12/3/2008(Greenhorn)Reports High Indicator Count With Kimberlite Fragments From ...
4/23/2008(Greenhorn)Finds New Kimberlite, Greenhorn Project NWT
Corporate news of Sanatana Diamonds Inc
1/3/2016Sanatana Reports Result of Annual General and Special Meetin...
12/30/2015Sanatana Reports Result of Annual General and Special Meetin...
12/17/2015Director Resignation
12/16/2015Sanatana Resources Inc.: Director Resignation
9/23/2015Sanatana Announces Resignation of Director
9/15/2015Sanatana Announces Maiden Resource Estimate for the Watershe...
9/15/2015IIROC Trading Resumption - STA
9/15/2015IIROC Trading Halt - STA
3/13/2015Sanatana Provides Additional Commentary With Respect to the ...
3/11/2015Trelawney Reports Exploration Results on Clam Lake Property
1/23/2015Sanatana Provides Shareholder Update
12/13/2014Sanatana Reports Result of Annual General and Special Meetin...
12/12/2014Sanatana Reports Result of Annual General and Special Meetin...
12/8/2014Sanatana Provides Shareholder Update
12/8/2014Sanatana Provides Shareholder Update
11/11/2014No Easements for Trelawney in Connection with Côté Gold Proj...
11/10/2014No Easements for Trelawney in Connection With Côté Gold Proj...
10/2/2014Sanatana Closes Private Placement
9/16/2014Sanatana Resources Inc.: Hearing Dates Set for Cote Gold Pro...
2/15/2014Announces Grant of Options
12/12/2013Reports Result of Annual General and Special Meeting
11/5/2013Commences Binding Arbitration Proceedings Against Trelawney ...
7/5/2013Sanatana Provides Update on Trelawney Easement Application
7/4/2013Provides Update on Trelawney Easement Application
4/29/2013Responds to Trelawney Easement Application on Watershed Prop...
10/4/2012Reports Result of Annual General and Special Meeting
9/14/2012Retains Assembly Stakeholder Relations to Provide Investor R...
8/25/2012Announces Issuance of Second and Final Tranches of Finder's ...
6/5/2012Adopts Shareholder Rights Plan
2/10/2012Sanatana Reports on Watershed Property Exploration Program-H...
12/30/2011Announces Closing of Private Placemen =?ISO-8859-1?Q?t=20for...
10/8/2011Reports Result of Annual General and Special Meeting
9/12/2011Reports Significant Rock Sample Gold Assay Values From Trenc...
6/23/2011Announces Passing of Director Harley Hotchkiss
4/30/2011Announces Name Change
4/6/2011: Result of Special Meeting
3/30/2011Announces TSX-V Approval for Option and JV Agreement With Au...
2/22/2011Grants and Cancels Stock Options
2/16/2011Announces Option and Joint Venture Agreement With Augen Gold
10/5/2009Enters Into an Option Agreement to Acquire Interest in Diamo...
9/17/2008Cancellation of AIM Listing on October 10, 2008
9/12/2008Cancellation of AIM Listing
7/16/2008Receives Sample Results From Dharma Uttar
2/22/2008Commences 2008 Exploration Program
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (STA.V)
0.070-22.22%
TSX-V
CA$ 0.070
09/17 13:50 -0.020
-22.22%
Prev close Open
0.085 0.070
Low High
0.070 0.070
Year l/h YTD var.
0.060 -  0.105 -22.22%
52 week l/h 52 week var.
0.030 -  0.110 133.33%
Volume 1 month var.
8,000 -%
24hGold TrendPower© : -34
Produces
Develops
Explores for Diamonds
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 4/24/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2024-22.22%0.110.06
202350.00%0.120.03
2022-57.14%0.200.04
2021-30.00%0.250.07
2020900.00%0.400.01
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.03-0.28%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.91-2.73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-3.26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.67+0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+2.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.