VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2010) -
Sanatana Diamonds Inc., ("Sanatana" or the "Company") (TSX
VENTURE:STA). Further to its news release of December 15, 2010 (the
"December 15th News Release"), Sanatana
is pleased to announce that it has increased the flow-through portion
of its private placement by $250,000 and the non flow-through portion
of its private placement by $500,000. The terms of the private
placement otherwise remain the same and will now consists of up to
10,294,117 FT Shares (previously up to 8,823,529 FT Shares) at a price
of $0.17 per FT Share for gross proceeds of up to $1,750,000
(previously for gross proceeds of up to $1,500,000) and up to 6,666,666
Units (previously up to 3,333,333 Units) at a price of $0.15 per Unit
for gross proceeds of up to $1,000,000 (previously for gross proceeds
of up to $500,000). The aggregate proceeds from the private placement
will now be up to $2,750,000 (previously aggregate proceeds of up to
$2,000,000). All capitalized terms used in this news release but not
otherwise defined have the meanings ascribed thereto in December 15th
News Release.
The private placement remains subject to the approval of the TSX
Venture Exchange and other customary closing conditions. All securities
issued pursuant to the private placement will be subject to a
four-month hold period. The funds raised from the private placement
will be used for the purposes described in the December 15th News
Release.
About the Company
Sanatana Diamonds Inc. is an exploration
stage company seeking new projects to complement its existing
properties in the Northwest Territories and the Yukon. With an
experienced management team and board of directors, Sanatana
has the skills 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 DIAMONDS INC.
Peter Miles, President and Chief Executive Officer
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.
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 "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.
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