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ArcWest Exploration and Sanatana Resources Close Year One Obligations Under Earn-In Agreement for the Oweegee Dome Porphyry Copper-Gold Project in British Columbia's Golden Triangle
Vancouver, British Columbia--(Newsfile Corp. - April 26, 2022) - ArcWest Exploration Inc. (TSX...
About this update from Arcwest Exploration Inc.
[{"type":"text","content":"ArcWest Exploration and Sanatana Resources Close Year One Obligations Under Earn-In Agreement for the Oweegee Dome Porphyry Copper-Gold Project in British Columbia's Golden TriangleVancouver, British Columbia--(Newsfile Corp. - April 26, 2022) - ArcWest Exploration Inc. (TSXV: AWX) (\"ArcWest\") and Sanatana Resources Inc. (TSXV: STA) (\"Sanatana\") are pleased to announce the completion of Sanatana's year one obligations (the \"Year One Obligations\") under the earn-in agreement between ArcWest and Sanatana (the \"Earn-In Agreement\") to explore ArcWest's Oweegee Dome porphyry copper-gold project in British Columbia's Golden Triangle (the \"Oweegee Project\").Pursuant to the Earn-In Agreement, Sanatana can earn an initial 60% interest (the \"First Option\") in the Oweegee Project by funding, over a four-year period, cumulative exploration expenditures of $6,600,000 and by making staged cash and share payments totaling $500,000 and 2,000,000 common shares, respectively. Upon completion of the First Option and receipt of an initial interest notice from Sanatana, Sanatana will have a 60 day period to elect to earn an additional 20% interest in the Oweegee Project, for an aggregate 80% interest, or to form a joint venture with ArcWest. Further to ArcWest's press release dated April 21, 2022, Sanatana has fulfilled the following Year One Obligations required to keep the First Option in good standing: paying to ArcWest an aggregate of $50,000 by December 31, 2021 (the \"Cash Payment\"); issuing to ArcWest 300,000 common shares of Sanatana (each, a \"Sanatana Share\") by December 31, 2021 (the \"Share Issuance\"); and incurring not less than $600,000 in exploration expenditures on the Oweegee Project by November 30, 2021.ArcWest waived the requirement for Sanatana to complete the Cash Payment and Share Issuance by December 31, 2021, which remained subject to approval of the TSX Venture Exchange (the \"Exchange\"). The Exchange approved the completion of the Cash Payment and Share Issuance on April 22, 2022, and Sanatana has now fulfilled all of the Year One Obligations. The 300,000 Sanatana Shares were issued to ArcWest at a deemed price of $0.08 per Sanatana Share, being the closing price of the Sanatana Shares on the Exchange on July 20, 2021. To continue to keep the First Option in good standing, Sanatana is required to fulfill the...