VANCOUVER, BRITISH COLUMBIA -- (Marketwired - Sept. 23, 2014) -
Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX VENTURE:STA) has, further to its news release of September 16, 2014, closed a non-brokered private placement of 2,750,000 units (the "Units") at $0.10 per Unit for gross proceeds of $275,000 (the "Offering").
Each Unit consists of one common share in the capital of the Company (a "Share") and one share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share (a "Warrant Share") at a price of $0.12 per Warrant Share on or before September 17, 2015.
All securities issued in connection with the Offering are subject to a statutory hold period expiring on January 18, 2015 in accordance with applicable securities legislation.
Concurrent with the closing of the Offering, the Company cancelled 2,750,000 warrants issued on December 20, 2013 (the "Cancelled Warrants"). The Cancelled Warrants were surrendered for cancellation by the registered holder. The Cancelled Warrants were exercisable unit December 20, 2105 for the purchase of 2,750,000 Shares at an exercise price of $0.10 per Share.
The Company expects to close the private placement of flow-through units as announced in the news release dated September 16, 2014 before the end of September 2014.
About the Company
Sanatana Resources Inc. is a Canadian mineral exploration and development company focused on its Watershed Property in Ontario. Sanatana entered into an option and joint venture agreement with Trelawney Augen Acquisition Corp. (formerly Augen Gold Corp.) ("TAAC") which grants Sanatana an option to acquire up to 51% of the Watershed Property consisting of 46 mining claims totalling approximately 19,006 acres and located within the townships of Yeo, Chester, Neveille and Benneweis. As at November 28, 2012, Sanatana exercised its first option and is the legal and beneficial owner of 50% of the Watershed Property. Sanatana has until March 23, 2016, to decide whether to exercise its right to acquire a further 1% in the Watershed Property.
In June 2012,
IAMGOLD Corporation completed its acquisition of
Trelawney Mining and Exploration Inc. and became the sole indirect shareholders of TAAC. In 2013, Sanatana expanded the Watershed Property by acquiring, for the sole benefit of Sanatana and TAAC, a 20% interest in three additional mining claims located in Yeo and Chester Townships, Ontario. In addition to the Watershed Property, Sanatana also has exploration property in Saskatchewan. 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 VENTURE:STA).
SANATANA RESOURCES INC.
Peter Miles
President and Chief Executive Officer
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press 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
Contact
Sanatana Resources Inc.
Mr. Peter Miles, President and Chief Executive Officer
604-408-6680 or Toll Free: 1-877-881-6680
604-608-9500 (FAX)
investor@sanatanaresources.com
www.sanatanaresources.com
