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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