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Sanatana Resources Closes First Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2022) - Sanatana Resources Inc. (TSXV: STA) ("Sanatana" or the "Company") is pleased to announce, further
About this update from Gold Strike Resources Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - May 12, 2022) - Sanatana Resources Inc. (TSXV: STA) (\"Sanatana\" or the \"Company\") is pleased to announce, further to its news release of April 22, 2022, that it has closed a first tranche of its non-brokered private placement (the \"Private Placement\"). The first tranche consisted of 13,766,667 units of the Company (the \"Units\") at a price of $0.15 per Unit for gross aggregate proceeds of approximately $2,065,000. Each Unit issued in the first tranche consisted of one common share of the Company (each, a \"Common Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"), with each Warrant entitling the holder thereof to acquire one common share of the Company (a \"Warrant Share\") at a price of $0.20 for a period of two years following the closing of the first tranche of the Private Placement. Peter Miles, the Company's CEO commented, \"With the close of the first tranche of this financing, Sanatana will have in excess of $4,000,000 on hand and expects to begin its 2022 exploration program June 1st with drilling commencing around July 1st. All aspects of the exploration program are in place including over 20 staff, camp facilities, drill and geophysical contractors and helicopter support. We look forward to commencing exploration shortly\". Simon Anderson, Anthony Dutton, Thomas Obradovich and Rose Zanic, insiders of the Company, subscribed for 333,333 Units ($49,999.95), 333,334 ($50,000.10), 500,000 Units ($75,000), 100,000 Units ($15,000) respectively, under the Private Placement (the \"Insider Subscriptions\"). The Insider Subscriptions constitute \"related party transactions\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101 in respect of the Insider Subscriptions. In connection with the Private Placement, the Company paid aggregate cash finder's fees totalling $18,000 and issued 120,000 finder's warrants (the \"Finder's Warrants\") to certain qualified arm's length finders. Each Finder's Warrant is exercisable into one Common Share (a \"Finder's Warrant ...