Sanatana Resources Inc.
TSX VENTURE : STA

Sanatana Resources Inc.

March 04, 2016 16:17 ET

Sanatana Shareholders Approve Sale of Watershed Property

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 4, 2016) - Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX VENTURE:STA) announces the resolution proposed at the Company's special meeting of shareholders held earlier today was approved by 91.86% of the votes cast by Sanatana shareholders.

Sale of the Watershed Property

Sanatana shareholders passed a special resolution to approve the sale of Sanatana's 50% interest in the Watershed Property (along with all of Sanatana's related information/data and drill core) to Trelawney Augen Acquisition Corp.

The special resolution was approved by 91.86% of the votes cast by Sanatana shareholders. A total of 51,811,826 common shares were voted in favour of the special resolution and 4,590,618 common shares against, representing 44.15% of the total number of common shares Sanatana has issued and outstanding.

Full details of the transaction are set out in Sanatana's management information circular dated February 1, 2016 (the "Information Circular"). A copy of the Information Circular and other meeting materials can be found under Sanatana's profile on SEDAR at www.sedar.com.

The transaction is expected to close on or about March 8, 2016 upon satisfaction or waiver of all the closing conditions.

Closing Conditions

The closing of the transaction is subject to a number of conditions, including: (i) final acceptance of the TSX Venture Exchange, (ii) that the representations and warranties given by Sanatana are true and correct in all material respects on the closing date, (iii) that Sanatana shall have performed and complied in all material respects with all the terms and conditions of the asset purchase agreement, (iv) compliance with the Bulk Sales Act (Ontario), and (v) that there are no material adverse changes since the date of the asset purchase agreement.

About the Company

Sanatana Resources Inc. is a mineral exploration and development company. 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).

SANATANA RESOURCES INC.

Peter Miles, President and Chief Executive Officer

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 statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Sanatana's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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