Sanatana Resources Inc. Closes First Tranche of Private Placement
Vancouver, Dec. 10, 2020 - Sanatana Resources Inc. (TSXV: STA) ("Sanatana" or the "Company") is pleased to announce that it has completed the first tranche of its non-brokered private placement of flow-through units of the Company (the "FT Units") previously announced on December 3, 2020 (the "Private Placement"). In this closing, Sanatana issued an aggregate 3,000,000 FT Units, at a price of $0.25 per FT Unit, for aggregate gross proceeds of $750,000. Each FT Unit consisted of one flow-through common share in the capital of the Company (a "FT Share") and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one non-flow-through common share in the capital of the Company (a "Warrant Share") at a price of $0.35 per Warrant Share until December 9, 2022. The securities issued in connection with this closing are subject to a statutory 4-month hold period which expires on April 10, 2021.
The Company shall pay a finder's fee on the Private Placement, pursuant to finder's fee agreements entered between the Company and certain finders, subject to the regulatory approvals.
The proceeds from the Private Placement will be used for mineral exploration and development of the Company's properties in Ontario.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
All references to currency in this news release are to Canadian currency.
About the Company
Sanatana Resources Inc. is a mineral exploration and development company focused on high-impact properties in Canada and the Western Pacific. 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).
(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.
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
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.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES