VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 20, 2013) - Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX VENTURE:STA) announces that further to its news release of December 6, 2013, the Company has closed the non-brokered private placement of 5,500,000 flow-through units (the "FT Units") at $0.05 per FT Unit for gross proceeds of $275,000 (the "Offering").
Each FT Unit consists of one flow-through common share in the capital of the Company (a "FT Share") and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional non-flow-through common share in the capital of the Company (a "Warrant Share") at a price of $0.10 per Warrant Share on or before December 20, 2015.
In connection with the closing, the Company paid an aggregate cash commission of $22,000 to an arm's-length finder, representing 8% of the gross proceeds raised on the sale of the FT Units placed by such finder. All securities issued in connection with the Offering are subject to a statutory hold period expiring on April 21, 2014 in accordance with applicable securities legislation.
About the Company
Sanatana Resources Inc. is a Canadian mineral exploration and development company focused on its Watershed Property in Ontario. Sanatana entered into an option and joint venture agreement with Trelawney Augen Acquisition Corp. (formerly Augen Gold Corp.) ("TAAC") which grants Sanatana an option to acquire up to 51% of the Watershed Property consisting of 46 mining claims totalling approximately 19,006 acres and located within the Townships of Yeo, Chester, Neveille and Benneweis. As at November 2012, Sanatana exercised its first option and is the legal and beneficial owner of 50% of the Watershed Property. Sanatana has until March 2016, to decide whether to exercise its right to acquire a further 1% in the Watershed Property.
In June 2012 IAMGOLD Corporation completed its acquisition of Trelawney Mining and Exploration Inc. and became the sole indirect shareholders of TAAC. With an experienced management team and board of directors, the Company has the ability required to identify, develop and fund economic mineral properties. Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (TSX VENTURE:STA). In 2013, Sanatana expanded the Watershed Property by acquiring, for the benefit of Sanatana and TAAC, a 20% interest in three additional mining claims located in Yeo and Chester Townships, Ontario.
SANATANA RESOURCES INC.
Peter Miles, President and Chief Executive Officer
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