VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 23, 2017) -
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) has, further to its news releases of February 17 and February 27, 2017, closed a non-brokered private placement of 10,870,000 flow-through units (the "FT Units") at $0.05 per Unit for gross proceeds of $543,500 (the "Tranche 1 Closing").
Each FT Unit consists of one common share in the capital of the Company that is a "flow-through share" within the meaning of the Income Tax Act (Canada) and one share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional non-flow-through common share (a "Warrant Share") at a price of $0.10 per Warrant Share on or before March 21, 2019, subject to acceleration on terms summarized in the Company's news release dated February 27, 2017.
The Company paid an eligible finder a commission equal to $5,800 (the "Finder's Fee"). The Finder's Fee was paid by issuing 116,000 non-flow-through common shares of the Company at a deemed price of $0.05 per non-flow-through common share.
All securities issued in connection with the Tranche 1 Closing are subject to a statutory hold period expiring on July 22, 2017, in accordance with applicable securities legislation.
The proceeds from the Tranche 1 Closing will be used for exploration on the Company's Jackfish Property. For details on the Company's Jackfish Property and the terms governing the option earn-in, see Sanatana's news release dated February 7, 2017.
The Company expects to close the private placement of non flow-through units as announced in the news release dated February 27, 2017 before the end of March 2017.
About the Company
Sanatana Resources Inc. is a mineral exploration and development company. 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 (TSX VENTURE:STA).
SANATANA RESOURCES INC.
Peter Miles, President and Chief Executive Officer
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this news 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.
