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VANCOUVER, British Columbia, June 07, 2018 (GLOBE NEWSWIRE) -- Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX-V:STA) has commenced drilling on its Jackfish property and, further to its news releases of April 19, April 27 and May 4, 2018, closed the second and last tranche of a non-brokered private placement consisting of 4,000,000 flow-through shares (the “FT Shares”) at $0.05 per FT Share for gross proceeds of $200,000 (the “Tranche 2 Closing”).
Peter Miles, President and CEO, states "We are pleased to announce the initial 1,500 metre drill program has commenced at our Jackfish property in Ontario."
The proceeds from the Tranche 2 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.
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).
The Company has paid eligible finder cash commission in the amount of $16,000, being 8% of the aggregate proceeds from the sale of FT Shares to purchasers introduced by the finder and issued non-transferable warrants (“Finder’s Warrants”) to the finder to acquire up to a total of 320,000 non-flow-through common shares of the Company (the “Shares”), being 8% of the number of FT Shares sold to purchasers introduced by the finder. Each Finder’s Warrant entitles the holder to purchase one Share at a price of $0.10 per Share on or before June 6, 2020.
All securities issued in connection with the Tranche 2 Closing are subject to a statutory hold period expiring on October 7, 2018 in accordance with applicable securities legislation.
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.
