Sanatana Announces Private Placement for up to $500,000 in Gross Proceeds
Vancouver, December 21, 2022 - Sanatana Resources Inc. (TSXV: STA) ("Sanatana" or the "Company") is pleased to announce a non-brokered private placement of up to 5,000,000 flow-through units of the Company (the "FT Units") for aggregate gross process of up to $500,000 and priced at $0.10 per FT Unit (the "Private Placement").
Each FT Unit will consist of one common share (a "Share") which will be designated as a flow-through share (a "FT Share") pursuant to the Income Tax Act (Canada) and one share purchase warrant (a "FT Unit Warrant"). Each FT Unit Warrant will entitle the holder to purchase one non-flow-through Share at a price of $0.15 per Share for a period of 24 months from the date of closing of the Private Placement.
In connection with the Private Placement, the Company may pay finder's fees to certain arm's length parties in accordance with the rules of the TSX-V in consideration for their efforts in introducing subscribers to the Company.
Closing is subject to a number of prescribed conditions, including, without limitations, approval of the TSX-V. The securities to be issued under the Private Placement will be offered by way of private placement in the provinces of British Columbia, Alberta and Ontario and such other provinces or territories of Canada as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Securities issued under the Private Placement will be subject to a four-month hold period which will expire four months and one day from the date of closing of the Private Placement.
The proceeds from the Private Placement are expected to be used by the Company for exploration in British Columbia in connection with the Company's option on the Oweegee Dome property.
About the Company
Sanatana Resources Inc. is a mineral exploration and development company focused on high-impact properties in Canada. With an award-winning technical team and experienced management and board of directors, Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (TSXV: STA).
Sanatana's principal project is the Oweegee Dome copper-gold porphyry property which is situated 40 km east of the KSM - Brucejack - Treaty Creek cluster of base and precious metal deposits and is underlain by similar geologic conditions, Stuhini (Triassic age) host rocks, intrusions of the right age, alteration and porphyry style copper/gold moly mineralization.
(signed) "Peter Miles"
Peter Miles
Chief Executive Officer
For additional information on the Company, please contact Mr. Peter Miles, President and Chief Executive Officer at (604) 408-6680 or email investor@sanatanaresources.com.
To be added to the email distribution list, please email ir@sanatanaresources.com with "Sanatana" in the subject line.
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements related to the Private Placement, Company's exploration program for the Oweegee Dome project.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/149144