Sanatana Announces Increase in Private Placement
VANCOUVER, British Columbia, July 16, 2020 (GLOBE NEWSWIRE) -- Sanatana Resources Inc. (“Sanatana” or the “Company”) is pleased to announce that due to investor demand it has increased the size of its private placement previously announced on July 7, 2020. Sanatana now proposes to issue up to (i) 11,500,000 units of the Company (the “Units”) and 7,083,333 flow-through units of the Company (the “FT Units”) for aggregate gross proceeds of up to $2,000,000 and priced at $0.10 per Unit and $0.12 per FT Unit.
Each Unit will consist of one common share in the capital of Sanatana (a “Share”) and one half of a share purchase warrant (each whole warrant, a “Unit Warrant”). Each FT Unit will consist of one Share which will be designated as a flow-through share (a “FT Share”) pursuant to the Income Tax Act (Canada) and one half of a share purchase warrant (each whole warrant, a “FT Unit Warrant”). Each Unit Warrant will entitle the holder to purchase one non-flow-through Share at a price of $0.18 per Share for a period of 18 months from the date of closing of the Private Placement. Each FT Unit Warrant will entitle the holder to purchase one non-flow-through Share at a price of $0.20 per Share for a period of 18 months from the date of closing of the Private Placement. All other terms are as described in the initial private placement news release.
The proceeds from the Private Placement are expected to be used by the Company for its existing portfolio of exploration projects along with initial funding for recently announce Option Agreement on the Gold Rush Property and for general and corporate purposes.
About the Company
Sanatana Resources Inc. is a mineral exploration and development company with an experienced management team and board of directors. Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (TSX-V: STA).
SANATANA RESOURCES INC.
(signed) “Peter Miles”
Peter Miles
Chief Executive Officer
For additional information on the Company, please contact Mr. Peter Miles, Chief Executive Officer at 604-408-6680 or email investor@sanatanaresources.com.
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 and may include, without limitation, statements related to the use of proceeds for the Private Placement.
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.
