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VANCOUVER, British Columbia, April 19, 2018 (GLOBE NEWSWIRE) -- Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX-V:STA) is pleased to provide this exploration update to its shareholders and announce a private placement.
Exploration Update:
Sanatana's exploration team has been onsite at the Jackfish Property preparing for the upcoming drill program as mentioned in the Company's news release of March 15, 2018. The Company expects to commence drilling shortly as severe winter conditions subside. A copy of the drill plan will be posted shortly to Sanatana's website.
Peter Miles, President & CEO, states "We are pleased to be in the final stages of preparation for the first drill program on the Jackfish Property targeting our significant copper in soil anomaly and look forward to a busy exploration season."
On April 12, 2018 the Company received TSX Venture Exchange (“TSX-V”) approval for its purchase of the Santoy Property. As described in the Company's news release of January 11, 2018, the Santoy Property consists of three mining claims that tie onto the Jackfish Property covering the southeast extension of the North-Hematite-Cliff gold mineralized trend. There is also a strongly conductive unit in the greenstone belt sequence delineated in the publicly available Ontario Geological Survey airborne geophysical survey data and relates directly to a historic nickel-copper showing. Elevated copper, lead and silver values and a 5,000 ppm cobalt assay result in soil sample data reviewed from previous assessment reports may also be related to this conductive unit and will be followed up with exploration this summer.
Private Placement:
The Company has arranged a non-brokered private placement of 6,000,000 flow-through shares (the "FT Shares") at $0.05 per FT Share for gross proceeds of up to $300,000 (the "Offering"). Each FT Share of the Company will be a "flow-through share" within the meaning of the Income Tax Act (Canada) (a "FT Share"). In connection with the Offering, the Company may pay finder's fees to certain arm's length parties in accordance with the rules of the TSX-V in consideration for their efforts in introducing subscribers to the Company.
Closing is subject to a number of prescribed conditions, including, without limitations, approval of the TSX-V. The securities to be issued under the Offering will be offered by way of private placement in the provinces of British Columbia, Alberta and Ontario and such other provinces or territories of Canada as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Securities issued under the Offering will be subject to a four-month hold period which will expire four months and one day from the date of closing of the Offering.
The proceeds from the Offering 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 February 7, 2017.
The technical information in this news release was prepared under the supervisions of Troy Gill, BSc. MAIG, Exploration Manager for Sanatana. Mr. Gill is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Technical Projects and has reviewed and approved the technical information disclosed in this news release.
About the Company
Sanatana Resources Inc. is a mineral exploration and development company that has optioned the Jackfish gold property in northwestern Ontario. 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-V:STA).
SANATANA RESOURCES INC.
(signed) "Peter Miles"
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.