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Sanatana Resources Provides Update on Transaction to Acquire Gold Strike One Project (Yukon) and Abitibi Property (Quebec)
Vancouver, British Columbia--(Newsfile Corp. - August 20, 2025) - Sanatana Resources Inc. (TSXV: STA) ("Sanatana" or the "Company") provides an update on its de
About this update from Gold Strike Resources Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - August 20, 2025) - Sanatana Resources Inc. (TSXV: STA) (\"Sanatana\" or the \"Company\") provides an update on its definitive agreement dated July 1, 2025 (the \"Definitive Agreement\") to acquire the Gold Strike One Project (Yukon) and the Abitibi Property (Quebec) (collectively, the \"Target Assets\") from LIRECA Resources Inc. (\"LIRECA\") and LIRECA's affiliate, Florin Resources Inc. (\"Florin\" and, together with LIRECA, the \"Florin Group\"), as initially announced on July 3, 2025 (the \"Proposed Acquisition\"). The Proposed Acquisition is a non-arm's length \"Reverse Takeover\" for Sanatana, as such term is defined in TSX Venture Exchange (\"TSX-V\") Policy 5.2 - Change of Business and Reverse Takeovers (\"Policy 5.2\"). The Company resulting from the Proposed Acquisition (the \"Resulting Issuer\") will carry on the business of Sanatana and will operate under the name \"Gold Strike Resources Corp.\" upon completion of the proposed name change. It is expected that the Resulting Issuer will be classified as a Tier 2 Mining Issuer. Update on Disclosure Documents and Closing As previously announced, the Company is preparing a TSX-V filing statement (the \"Filing Statement\") for the Proposed Acquisition. The Company believes it can obtain minority shareholder approval for the Proposed Acquisition through written consent, as permitted under TSX-V Policy 5.2. Although the Company maintains that the Target Assets do not constitute a \"business\" under applicable securities laws, the TSX-V has determined that financial statements for the Target Assets are required in the Filing Statement. While the Company disagrees with this determination, it acknowledges the TSX-V's position and is working to prepare the required financial statements. Subject to TSX-V approval, the Company expects to file the Filing Statement on SEDAR+ in September 2025. The Company has applied to the Ontario Securities Commission (the \"OSC\") for an exemption from the shareholder meeting requirement in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), as the Company believes it can obtain minority shareholder approval for the Proposed Acquisition through written consent, which would allow the Company to close the Proposed Acquisition ...