Sanatana Announces Private Placement of FT Units
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2012) - Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX VENTURE:STA) announces that it intends to raise up to $1,683,000 by way of non-brokered private placement (the "Private Placement") of flow-through units (the "FT Units").
The Private Placement will consist of up to 5,100,000 FT Units priced at $0.33 per FT Unit. Each FT Unit will consist 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 "FT Warrant"). Each FT Warrant will entitle the holder to purchase one additional non-flow-through common share in the capital of the Company (a "FT Warrant Share") at a price of $0.40 per FT Warrant Share for a period of 24 months from the closing of the Private Placement.
Closing of the Private Placement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange. The proceeds from the Private Placement will be used for mineral exploration and development for the Company's Watershed Property in Ontario.
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. On June 21, 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).
SANATANA RESOURCES INC.
Peter Miles, President and Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
Sanatana Resources Inc.
Mr. Peter Miles
President and Chief Executive Officer
604-408-6680 or Toll Free: 1-877-881-6680