VANCOUVER, British Columbia, Feb. 07, 2019 (GLOBE NEWSWIRE) -- Sanatana Resources Inc. ("Sanatana" or the "Company": TSX-V: STA) is pleased announce that the Company is proceeding with a non-brokered private placement of up to 30,000,000 units (the "Units") at $0.05 per Unit for gross proceeds of up to $1,500,000 (the "Offering"). Each Unit will consist of one common share of the Company and one whole warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share of the Company (a "Warrant Share") at a price of $0.10 per Warrant Share for a period of 36 months from the closing of the Offering.
In connection with the Offering, the Company may pay finder's fees to certain arm's length parties in accordance with the rules of the TSX Venture Exchange (“TSX-V”) in consideration for their efforts in introducing subscribers to the Company.
Closing is subject to prescribed conditions, including, without limitations, approval of the TSX-V. The securities to be issued under the Offering 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 Offering will be subject to a four-month hold period which will expire four months and one day from the date of closing of the Offering.
The Company expects to use net proceeds from the Offering for exploration and development activities on the Company’s exploration projects and for working capital purposes.
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.
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 email@example.com.