Business
Sanatana Resources Announces Closing of the Acquisition of the Gold Strike Two Project and the Concurrent Oversubscribed Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2025) - Sanatana Resources Inc. (TSXV: STA) ("Sanatana" or the "Company") has closed its previously annou
About this update from Gold Strike Resources Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 4, 2025) - Sanatana Resources Inc. (TSXV: STA) (\"Sanatana\" or the \"Company\") has closed its previously announced acquisition of the Gold Strike Two Project (the \"Project\"). The acquisition of the Project (the \"Transaction\") was completed pursuant to a quartz claim purchase agreement dated May 5, 2025 (the \"Definitive Agreement\") with LIRECA Resources Inc. (\"LIRECA\").1 Peter Miles, CEO of Sanatana, commented: \"We are pleased with the completion of the LIFE offering and the concurrent private placement and the strong interest the private placements received in the market. The acquisition of the Gold Strike Two Project positions Sanatana as one of the few publicly traded companies with a prospective land position in the Rogue Plutonic Complex region which has received significant industry recognition from Snowline Gold Corp.'s recent Valley discovery.\" John Fiorino, principal of the Florin Group, commented: \"The Florin Group is pleased to have closed the Transaction and looks forward to engaging in further discussions with Sanatana's management to explore possible additional mineral property transactions, identifying opportunities where our complementary strengths can drive mutually beneficial transactions.\" Acquisition of the Project As consideration for the Transaction, Sanatana paid cash consideration of $250,000 on closing. Pursuant to the terms of the Definitive Agreement, a further $250,000 is held in escrow and will be payable to the Florin Group within 90 days of closing (the \"Escrowed Funds\"). The payment date of the Escrowed Funds is subject to acceleration if Sanatana raises $300,000 or more in equity or debt financing within 90 days post closing. Additionally, Sanatana issued 6,000,000 common shares to LIRECA on closing (the \"Consideration Shares\"). The Consideration Shares were issued pursuant to a prospectus exemption and are subject to a statutory restricted period ending on October 5, 2025. As a result of the issuance of the Consideration Shares, LIRECA became an insider of the Company pursuant to Canadian securities laws and will file an early warning report (and associated news release) in accordance with the requirements of National Instrument 62-104 - Take-Over Bids and Issuer Bids. For additional information on the Project and on LIRECA an...