Sanatana Announces Closing of First Tranche of Private Placement
Vancouver, December 27, 2023 - Sanatana Resources Inc. (TSXV: STA) ("Sanatana" or the "Company") is pleased to announce that, further to its news releases dated December 15, 2023 and December 19, 2023, it has closed the first tranche of the previously announced private placement (the "Private Placement") of flow-through units of the Company (the "Units") at a price of $0.10 per Unit. Each Unit consists of one common share in the capital of the Company (a "Share") designated as a flow-through share pursuant to the Income Tax Act (Canada) and one non-flow through Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional Share at a price of $0.15 per Share for a period of 36 months from the date of issuance.
The first tranche closing of the Private Placement consisted of 2,000,000 Units for aggregate gross proceeds of $200,000. All securities issued in connection with the first tranche of the Private Placement are subject to a statutory hold period in accordance with applicable securities legislation. The Company will use the proceeds from the sale of the Units for exploration purposes in British Columbia.
In connection with the first tranche closing of the Private Placement, the Company paid aggregate finders' fees of $14,000 and issued an aggregate of 140,000 compensation warrants (each, a "Compensation Warrant"), pursuant to a finder's fee agreements entered between the Company and a finder. Each Compensation Warrant entitles the holder thereof to purchase one Warrant Share at a price of $0.10 per Warrant Share until December 22, 2026.
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. The Company expects to close a second tranche before December 31, 2023.
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 (TSXV: STA).
Sanatana's principal project is the Oweegee Dome copper-gold porphyry property which the Company optioned from ArcWest Exploration Inc. (see the Company's news release dated July 21, 2021). The Oweegee Dome copper-gold porphyry property 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 Group (Tiassic age) host rocks, intrusions of the right age, alteration and porphyry style copper - gold - silver - molybdenite mineralization.
(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
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 and the use of proceeds for the Private Placement.
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.
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DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/192533