Sanatana Resources Closes Tranche 1 of Private Placement
TSX VENTURE: STA
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, March 21, 2019 (GLOBE NEWSWIRE) -- Sanatana Resources Inc. ("Sanatana" or the "Company": TSX-V: STA) has, further to its news releases of February 7, 2019, closed tranche 1 of a non-brokered private placement of 34,493,500 units (the “Units”) at $0.05 per Unit for gross proceeds of $1,724,675 (the “Tranche 1 Closing”).
Each Unit consists of one common share in the capital of the Company and one non-transferable share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one additional common share (a “Warrant Share”) at a price of $0.10 per Warrant Share on or before March 20, 2022.
In connection with the Tranche 1 Closing, the Company paid eligible finders aggregate commissions of $103,577.25 (the “Finder’s Fees”). The Company also issued a total of 2,029,545 non-transferable finder’s warrants (individually a “Finder Warrant”). Each Finder Warrant will entitle the holder thereof to purchase an additional common share at a price of $0.10 per common share for a period expiring on March 20, 2022.
All securities issued in connection with the Tranche 1 Closing are subject to a statutory hold period expiring on July 21, 2019 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. Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (TSX-V: STA). Sanatana's present focus is the 282km2 Tirua project in the Solomon Islands, South West Pacific.
SANATANA RESOURCES INC.
(signed) "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.
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