Mr. Peter Miles reports
SANATANA CLOSES PRIVATE PLACEMENT
Further to its news releases of Feb. 17, 2017, and Feb. 27, 2017, Sanatana Resources Inc. has closed a non-brokered private placement of 10.87 million flow-through units at five cents per unit for gross proceeds of $543,500.
Each flow-through unit consists of one common share in the capital of the company that is a flow-through share within the meaning of the Income Tax Act (Canada) and one share purchase warrant. Each warrant entitles the holder to purchase one additional non-flow-through common share at a price of 10 cents per warrant share on or before March 21, 2019, subject to acceleration on terms summarized in the company's news release dated Feb. 27, 2017.
The company paid an eligible finder a commission equal to $5,800. The finder's fee was paid by issuing 116,000 non-flow-through common shares of the company at a deemed price of five cents per non-flow-through common share.
All securities issued in connection with the first-tranche closing are subject to a statutory hold period expiring on July 22, 2017, in accordance with applicable securities legislation.
The proceeds from the first-tranche closing will be used for exploration on the company's Jackfish property. For details on the company's Jackfish property and the terms governing the option earn-in, see Sanatana's news release dated Feb. 7, 2017.
The company expects to close the private placement of non-flow-through units (as announced in the news release dated Feb. 27, 2017) before the end of March, 2017.
We seek Safe Harbor.
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