01:50:41 EDT Sun 12 May 2024
Enter Symbol
or Name
USA
CA



Sanatana Resources Inc (2)
Symbol STA
Shares Issued 79,930,822
Close 2024-04-23 C$ 0.08
Market Cap C$ 6,394,466
Recent Sedar Documents

Sanatana seeks to extend 9.91 million warrants

2024-04-24 18:19 ET - News Release

Mr. Peter Miles reports

SANATANA ANNOUNCES WARRANT EXTENSIONS

Sanatana Resources Inc. has provided the following update relating to 9,918,333 common share purchase warrants issued pursuant to the company's various non-brokered private placements as previously disclosed in the company's news releases dated March 1, 2022, April 22, 2022, and June 2, 2022.

The warrants were issued to purchasers of units issued under the offerings. The warrants currently have an exercise price of 20 cents per common share and are set to expire on the dates mentioned in an attached table.

                EXPIRY DATE OF WARRANTS

Closing date of offering   Warrants issued      Expiry date

April 26, 2022                   2,000,000   April 26, 2024
May 11, 2022                     6,883,333     May 11, 2024
June 1, 2022                     1,035,000     June 1, 2024

Total                            9,918,333

Subject to TSX Venture Exchange approval, the corporation proposes to extend the expiration date of the warrants as indicated in an attached table.

                      NEW WARRANT EXPIRY DATES

Warrants issued           Expiry date      Proposed new expiry date

2,000,000              April 26, 2024                 Oct. 26, 2024
6,883,333                May 11, 2024                 Nov. 11, 2024
1,035,000                June 1, 2022                  Dec. 1, 2024

The company expects to issue a further news release with respect to whether the TSX-V approved the above-noted warrant extensions.

A total of 623,333 warrants are held by parties who are considered to be related parties of the company. Therefore, the amendment of warrants constitutes a related-party transaction as contemplated by Multilateral Instrument 61-101 (Protection of Minority Shareholders in Special Transactions) and TSX-V Policy 5.9 (Protection of Minority Shareholders in Special Transactions). However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the warrants held by insiders does not exceed 25 per cent of the market capitalization of the company. Upon receipt of the approval of the TSX-V of the warrant extensions, a material change report in respect of the warrant extension will be filed by the company.

About Sanatana Resources Inc.

Sanatana is a mineral exploration and development company focused on high-impact properties in Canada. With an award-winning technical team and an experienced management and board of directors, Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (STA).

We seek Safe Harbor.

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