Vancouver, British Columbia--(Newsfile Corp. - December 19, 2023) - Sanatana Resources Inc. (TSXV: STA) ("Sanatana" or the "Company"), announces that, further to its news release of December 15, 2023 announcing a private placement (the "Private Placement") of flow-through units (the "FT Units") and non flow-through units (the "NFT Units"), the Company has reduced the subscription price of FT units from $0.12 per FT Unit to $0.10 per FT Unit, and the subscription price of NFT units from $0.10 per NFT Unit to $0.08 per NFT Unit. The Company intends to raise the same amount of up to $1,000,000 from the Private Placement. All other terms of the FT Units, NFT Units, and the Private Placement remain the same as disclosed in the December 15, 2023 news release.
In connection with the Private Placement, the Company may pay finder's fees to certain arm's length parties in accordance with the rules of the TSX Venture Exchange (the "TSX-V") in consideration for their efforts in introducing subscribers to the Company. Finder's fees related to FT Unit subscribers will be paid from funds raised by the sale of NFT Units.
The Company reserves the right to increase or decrease the amount of FT Units and NFT Units offered under the Private Placement, provided that the maximum gross proceeds for both the FT Units and NFT Units issued shall be $1,000,000.
Closing is subject to a number of prescribed conditions, including, without limitations, approval of the TSX-V. The securities to be issued under the Private Placement will be offered by way of private placement in the provinces of British Columbia, Alberta and Ontario and such other provinces or territories of Canada as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Securities issued under the Private Placement will be subject to a four-month hold period which will expire four months and one day from the date of closing of the Private Placement.
The proceeds from the sale of NFT Units will be used for general working capital expenses, administrative expenses, and exploration expenses. The proceeds from the sale of the FT Units will be used by the Company for exploration in British Columbia in connection with the Company's Oweegee property.
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.
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 RESOURCES INC.
(signed) "Peter Miles"
Peter Miles
President and Chief Executive Officer
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.
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 regulatory approvals required pursuant to 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.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
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