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Sanatana Resources Announces Increase in Private Placement to C$2 Million
VANCOUVER, British Columbia, July 16, 2020 (GLOBE NEWSWIRE) -- Sanatana Resources Inc. (“Sanatana” or the “Company”) is pleased to announce that due to investor
About this update from Gold Strike Resources Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, July 16, 2020 (GLOBE NEWSWIRE) -- Sanatana Resources Inc. (“Sanatana” or the “Company”) is pleased to announce that due to investor demand it has increased the size of its private placement previously announced on July 7, 2020. Sanatana now proposes to issue up to (i) 11,500,000 units of the Company (the “Units”) and 7,083,333 flow-through units of the Company (the “FT Units”) for aggregate gross proceeds of up to $2,000,000 and priced at $0.10 per Unit and $0.12 per FT Unit. Each Unit will consist of one common share in the capital of Sanatana (a “Share”) and one half of a share purchase warrant (each whole warrant, a “Unit Warrant”). Each FT Unit will consist of one Share which will be designated as a flow-through share (a “FT Share”) pursuant to the Income Tax Act (Canada) and one half of a share purchase warrant (each whole warrant, a “FT Unit Warrant”). Each Unit Warrant will entitle the holder to purchase one non-flow-through Share at a price of $0.18 per Share for a period of 18 months from the date of closing of the Private Placement. Each FT Unit Warrant will entitle the holder to purchase one non-flow-through Share at a price of $0.20 per Share for a period of 18 months from the date of closing of the Private Placement. All other terms are as described in the initial private placement news release. The proceeds from the Private Placement are expected to be used by the Company for its existing portfolio of exploration projects along with initial funding for recently announce Option Agreement on the Gold Rush Property and for general and corporate 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 RESOURCES INC. (signed) “Peter Miles” Peter Miles Chief Executive Officer For additional information on the Company, please contact Mr. Peter Miles, Chief Executive Officer at 604-408-6680 or email [email protected]. 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 stateme...