Sanatana Closes Tranche 1 of Private Placement
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, May 04, 2018 (GLOBE NEWSWIRE) -- Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX-V:STA) has, further to its news releases of April 19 and April 27, 2018, closed a non-brokered private placement of 6,000,000 flow-through shares (the “FT Shares”) at $0.05 per Unit for gross proceeds of $300,000 (the “Tranche 1 Closing”).
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.
Peter Miles, President and CEO, states "We are pleased to note that we have a drill rig on location and will shortly commence site preparation for the initial drill program at the Jackfish property."
Each FT Share 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).
All securities issued in connection with the Tranche 1 Closing are subject to a statutory hold period expiring on September 4, 2018 in accordance with applicable securities legislation.
The Company expects to close a second, and final, tranche of the private placement.
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-V:STA).
SANATANA RESOURCES INC.
(signed) "Peter Miles"
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.
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.